In August, total oil imports from India decreased by 4% to 4.5 million barrels/day, of which purchases from the US, Iraq and Saudi Arabia decreased due to weaker domestic demand.
However, the amount of Russian oil imported by India increased by 5.6% in August to 1.6 million barrels/day.
Thus, India imported about 37% of crude oil from Russia in August, up from 40% in July. Indian refineries continue to benefit from price reductions from Russia.
The increase in oil imports from Russia comes as India's overall crude oil imports are at a 10-month low.
Industry analysts pointed out that orders were placed two months in advance and could hardly reflect the impact of US tariffs.
Last week, the US imposed a 25% tariff on India for continuing to buy Russian oil. The tariffs are in addition to the 25% tariffs imposed by the US in August on India after the two sides failed to reach a trade deal.
Last month, US President Donald Trump's trade adviser, Peter Navarro, said that India did not need to import Russian oil and accused the South Asian country of profiting by buying crude oil from Russia and selling refined products to the West.
He pointed out that before the conflict in Ukraine broke out in February 2022, India had barely bought oil from Russia, which accounted for nearly 1% of demand.
Responding to criticism of Russian oil purchases, Indian Foreign Minister S. Jaishankar said that countries voluntarily buy refined oil products from India. "No one forces you to buy. Europe buys, the US buys, so if you don't like it, don't buy it," he said.
Meanwhile, India's diesel exports to Europe have more than doubled over the past year, reaching a maximum of 242,000 barrels/day.
India's diesel exports rose 73% in July and 124% above last year's average, according to market analyst Kpler data. Similarly,vortexa estimated India's diesel exports in August at 228,316 barrels/day, up 166% year-on-year and 36% higher than July.
According to reports, EU customers have been quick to stock up ahead of a ban on Russian crude oil refined fuel in the upcoming package.
According to many news reports, the EU is considering a 19th package of sanctions against Russia over the Ukraine conflict, including measures targeting countries that are helping Russia avoid Western sanctions.
India has become a major refined fuel exporter to Europe since 2023. Indian private companies import oil at cheaper prices from Russia and sell refined products to Europe.
