India's Russian Oil Imports Plummet Amid Ukraine Conflict

India's Russian oil imports have declined from a record high in July as supply tightens due to Ukrainian attacks on export infrastructure and increased competition from China. According to Kpler, India's crude oil imports from Russia rose to 2.8 million barrels per day (bpd) in July, up from the previous high of 2.7 million bpd in June.

However, August is expected to see a decline in Indian purchases from Russia to about 2 million bpd, with Sumit Ritolia, Manager Modelling Refinery and Oil Markets at Kpler, predicting that imports will stabilize just above this level going forward.

The decrease in Russian oil imports is attributed to the ongoing crisis, which has constrained term deliveries due to the Middle East conflict and the Strait of Hormuz chokepoint. Indian state-controlled refiners are seeking alternative supplies from West Africa and the Americas to meet rising demand.