Russia Maintains Top Spot as India's Crude Oil Supplier Despite Volume Dip
Russia maintained its position as India's top crude oil supplier in August despite a dip in volume, according to data compiled by commodity tracking firms. The decrease was caused by Ukrainian drone strikes on Russian refinery infrastructure, which complicated logistics across the Urals basin but did not change Indian refiners' preference for Russian barrels.
Russian crude accounted for roughly a third of India's total crude oil imports in August, slightly lower than the record levels set in June and July. However, it still led Saudi Arabia and Iraq as India processed approximately 5.1 million barrels per day, with Russian crude supplying between 1.7 and 1.8 million barrels per day.
The availability of Urals and ESPO blend volumes hitting Indian ports was affected by the Ukrainian attacks, forcing some cargoes to route through alternate Baltic and Arctic terminals. This added transit time and freight cost to oil that already carries a logistical premium over Middle Eastern barrels.