India's oil imports from Russia decline in July, here's why

By Editorji News Desk
Published on | Aug 22, 2023

Oil imports down for the first time in nine months

The change in the import pattern could be attributed to a combination of factors, including shifting global oil dynamics & OPEC+ production cuts.

India's oil import declined by this much

India's overall imports also declined 5.2% from June to 4.4 million bpd oil in July. Russian oil imports declined 5.7% to 1.85 million bpd.

OPEC+ production cuts impact India's overall oil imports

The production cut raised crude oil prices, increasing India's import bill.

China and India reduce imports from Russia

Both major oil importers, China and India, curtail their oil imports from Russia due to price increases and production reductions.

Russian Oil remains top supplier to India despite decline

Russia remains India's top oil supplier in July, followed by Iraq and Saudi Arabia, despite decreased imports.