Russia Dominates India's Oil Imports with Record Share

Russia has significantly increased its share of India's oil market, capturing a record high of over 50% in July. This is according to unnamed trade sources cited by Reuters, which noted that Russian oil exports to India have surged 62.4% from the same period last year.

The data shows that Russia exported an average of 2.47 million barrels per day (bpd) to India in July, making it the largest oil supplier to the country. The UAE and Saudi Arabia trailed behind with significantly lower volumes of 617,000 bpd and 586,000 bpd respectively.

The increase in Russian oil exports to India has been consistent since April 1, when India's new fiscal year began. In that period, Russia has averaged over 2 million barrels per day, accounting for more than 42% of India's total oil imports.