Russia Becomes India's Largest Oil Supplier Amid Global Shipping Disruptions
India's reliance on Russian crude oil has reached an all-time high, with imports reaching approximately 2.6 million barrels per day, accounting for over half of the country's total supply.
This significant shift in India's energy strategy has made Russia its largest oil supplier, surpassing traditional Middle Eastern producers.
The Black Sea export infrastructure, particularly the Novorossiysk terminal, is a key vulnerability, as any disruptions could impact Indian refiners' ability to source equivalent volumes of crude oil.
Recent reports indicate that Russian crude exports experienced a dip of around 400,000 barrels per day in July compared to the previous month, creating direct risks for Indian refiners in terms of cost and availability of raw materials.