Russia’s Oil Grip On India Just Hit A Record—Here’s Why

India’s Russian crude imports jumped to a record share in July despite earlier efforts to diversify supplies, as Middle Eastern oil loses ground and Latin American shipments rise

Outlook Business Desk

Curated by: Gowri Lakshmi

Published At: 14 August 2026 11:59 am

Russia is India's biggest oil supplier

Summary of this article

Russian crude accounted for a record 50.83% of India’s oil imports in July, at 2.47 million barrels per day.
Middle Eastern suppliers lost ground, with their share falling to around 30% in April-July, while Latin American oil rose to 12.7%.
UAE emerged as India’s No. 2 supplier, overtaking Iraq as refiners diversified purchases amid shifting global trade and geopolitical pressures.

India’s dependence on Russian crude oil surged to a record level in July, with Russian supplies accounting for 50.83 per cent of the country’s total crude imports, according to trade data.

Indian refiners imported around 2.47 million barrels per day (bpd) of Russian crude in July, making Russia the dominant supplier to the world’s third-largest oil importer and consumer.

1 August 2026

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Russian oil shipments were 62.4 per cent higher than a year earlier, although they declined 4.8 per cent from June’s record 2.6 million bpd, the data showed.

Russian Oil Gains Despite Trade Tensions

The sharp rise comes after Indian refiners had moved to reduce their exposure to Russian crude earlier this year amid the threat of higher US tariffs and ongoing trade negotiations between New Delhi and Washington.

Russia’s share of India’s crude imports averaged more than 2 million bpd during the first four months of the financial year beginning April. Its share stood at 43.25 per cent during the April-July period, compared with around 37 per cent a year earlier.

The increase in Russian supplies has coincided with a significant decline in the share of Middle Eastern producers. Their contribution to India’s crude basket fell to around 30 per cent between April and July, from 43 per cent in the corresponding period last year.

Latin American Oil Gains Ground

Indian refiners have also increased purchases from Latin America, with the region’s share of total crude imports climbing to 12.7 per cent during April-July from just 3.5 per cent a year earlier.

The increase was driven largely by higher shipments from Brazil and Venezuela, providing Indian refiners with an additional source of crude as they adjust their sourcing strategies.

India remains heavily dependent on overseas supplies, importing more than 90 per cent of its crude oil requirements.

This leaves the country particularly exposed to disruptions in global energy markets, geopolitical tensions and fluctuations in crude prices.

UAE Emerges As Second-Largest Supplier

Russia remained India’s largest crude supplier during the April-July period. The United Arab Emirates, meanwhile, overtook Iraq to become the country’s second-largest source of crude.

The UAE has increased supplies through spot tenders, giving Indian refiners greater access to additional cargoes. The country, which left OPEC in April, accounted for a substantially larger share of India’s crude imports than it did last year.

The UAE was India’s fourth-largest supplier in the previous year.

The changing import mix highlights how Indian refiners are balancing discounted Russian crude with supplies from the Middle East and Latin America while navigating geopolitical risks and evolving trade relations with the US.