The South Asian nation sourced 37% of its crude from Russia last month, according to Kpler data
India’s imports of Russian oil rose by 5.6% in August to 1.6 million barrels per day (mbd), the Economic Times reported on Thursday, citing data from analytics provider Kpler.
The South Asian nation’s overall oil imports fell by 4% to 4.5 mbd in August, with purchases from the US, Iraq, and Saudi Arabia declining on account of weaker domestic demand, according to the ET.
India imported 37% of its crude from Russia in August, up from 33% a month earlier. Indian refiners continue to benefit from discounts offered by Russia, the paper added.
The rise in purchases of Russian oil comes despite a 10-month low in overall crude imports. Industry analysts told the paper that the orders were booked two months earlier and are unlikely to reflect tariff-related considerations.
🇷🇺Russia’s Crude Flow to India Up 5% in August – Despite 🇮🇳Imports Dipping to 10-Month Low
Moscow supplied 1.67mn bpd in August, up 5.6% from July, even as India’s overall imports fell 4%. (Kpler)
Last week the US slapped India with 25% punitive tariffs for its continued purchases of Russian oil. The levies were in addition to 25% tariffs imposed on the South Asian nation in early August as New Delhi and Washington could not arrive at a trade deal.
Last month, US President Donald Trump’s trade adviser, Peter Navarro, claimed India does not need to import Russian oil and accused the South Asian nation of profiteering by buying crude from Russia and selling refined products to the West.
“Prior to Russia’s invasion of Ukraine in February 2022, India virtually bought no Russian oil,” Navarro said. “It was like almost 1% of their need. The percentage has now gone up to 35%... They don’t need the oil. It’s a refining profit-sharing scheme. It’s a laundromat for the Kremlin. That’s the reality of that,” Navarro said.
Responding to criticism of Russian oil purchases, Indian Foreign Minister S. Jaishankar said nations buy refined petroleum products from India of their own free will. “Nobody forces you to buy it. Europe buys, America buys, so you don’t like it, don’t buy it,” he stated.
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