India Surpasses China As Top Importer of Russian Oil

In July 2024, India became the top importer of Russian oil, surpassing China, as the latter reduced its purchases due to declining refinery margins. India's imports from Russia reached a record 2.07 million barrels per day, accounting for 44% of its total oil imports, driven by lower prices resulting from Western sanctions on Russia after the Ukraine invasion. This shift also contributed to global oil price stabilization and inflation control. Meanwhile, India continues to diversify its energy sources, with Russia, Iraq, Saudi Arabia, and the UAE as key suppliers. The trade shift highlights India's growing economic ties with Russia, even as it faces geopolitical challenges.