Russia Captures Record Share of India’s Oil Market

AI Summary

Russia has achieved a record share in India's crude oil market, accounting for over 50% of India's total oil imports last month. Despite a slight volume decline from June, Russia's crude exports to India surged 62.4% year-on-year, with India ranking as the world's third-largest oil buyer.

Crude oil imports from Russia accounted for over 50% of India’s total import volumes last month. This was the highest share of Russian oil in India’s import mix, Reuters noted in a report that cited unnamed trade sources. Russia exported crude at a rate of some 2.47 million barrels daily to India last month, which was a 62.4% surge from a year ago and represented a 50.83% share of total oil imports into the world’s third-largest oil buyer. However, July volumes were a decline on June’s average, which stood at 2.6 million…