India's Russian Oil Imports Decline as Middle East Supplies Rise
India's imports of Russian oil have declined significantly in August, according to data from trade sources. The country's oil imports from Russia fell by 16.5% last month compared to July, with volumes reaching approximately 2.1 million barrels per day (bpd).
Russia remains India's top oil supplier, followed by the UAE and Venezuela. However, Indian refiners are expected to reduce their purchases from Moscow in September as they fear being hit with US tariffs on Russian oil imports.
The data also showed that India boosted its imports of Iraqi oil, which surged by about a quarter to around 171,000 bpd. Imports from the UAE fell by 5.4% to approximately 620,000 bpd, while those from Saudi Arabia increased by 1.5% to 328,000 bpd.
India's overall oil imports decreased by 8.8% in August to 4.44 million bpd.