India Ramps Up Russian Oil Imports Amid Gulf Conflict

The ongoing Gulf conflict has significantly altered the global crude oil supply landscape, prompting India to boost its Russian oil imports. In June and July of this year, India's daily imports of Russian crude exceeded 2.6 million barrels, accounting for over 50% of its total crude imports.

This marks a historic peak in Indian-Russian oil trade, with previous restrictions on scale lifted due to the instability in Middle Eastern supplies. The U.S.-Iran peace agreement failed to materialize, and Gulf shipping remained obstructed, forcing India to rely more heavily on Russian oil.

The increased dependency on external energy sources has exposed critical shortcomings in India's energy security, with over 90% of its crude oil and natural gas demand reliant on imports. Prime Minister Modi listed energy security as a national priority, aiming to advance alternative energy development and upgrade the energy structure.