Russia Captures Record Share of India’s Oil Market

Core Impact Points

• Russia exported crude oil at a rate of 2.47 million barrels daily to India last month, a 62.4% surge from a year ago.
• Russian oil shipments to India accounted for 50.83% of the country's total oil imports, making it the highest share of Russian oil in India's import mix.
• India's oil imports from Russia have been increasing steadily over the past year, with July volumes representing a decline from June's average of 2.6 million barrels daily.
• The surge in Russian oil shipments to India has significant implications for the global energy market and could impact US oil prices.
• India's shift towards Russian oil may lead to increased competition for US oil exports, potentially affecting US oil prices and the country's energy security.