Indian refineries continue to buy Russian oil

One of the agency's sources in the Indian oil industry said there has been no indication from the government so far.

- That's why we don't stop importing Russian oil - it said.

India is the world's third largest importer and consumer of oil. Currently, more than one-third of the country's needs are met by Russian oil.

In late July, Reuters reported that state-owned Indian refineries stopped buying Russian crude oil after Trump's initial warnings. Private refineries continued importing. If a ban on Russian oil purchases is imposed, they will seek supplies from suppliers in the Middle East, Africa, and the Americas. Saudi Arabia has already raised prices in the Asian market. According to Reuters sources in India, the reason was the expectation that the announced tariffs would result in changes in export directions, favoring Middle Eastern suppliers.

In June, Russian oil supplies to India reached 2.08 million barrels per day, the highest since July 2024. Russian oil accounted for nearly 40% of total imports. In the first half of the year, India imported an average of 1.75 million barrels of Russian oil per day, 1% more than during the same period the previous year. Russia was India's largest oil supplier, with about 35% market share. In 2021, before Russia's invasion of Ukraine, India imported small amounts of Russian oil, approximately 43,400 barrels per day, which accounted for less than 2% of total imports.