India Increases Russian Oil Imports to Record 2.6 Million Barrels per Day

India's dependence on Russian oil has reached a record level: over the past six months, the country has tripled its purchases from Russia due to the U.S. and Israel's war against Iran, which has complicated supplies from the Persian Gulf. In June and July, India increased its oil imports from Russia to 2.6 million barrels per day, accounting for more than half of the country's total oil imports. The total volume of oil imported by India has risen to 5 million barrels per day, the highest level since late February when bombings in Iran began. Previously, India had reduced its purchases of Russian oil following accusations from U.S. President Donald Trump of financing Moscow's war against Ukraine. However, a peace agreement between Washington and Tehran has yet to be reached, and the flow of oil through the Strait of Hormuz remains limited, prompting New Delhi to turn to Russia. India imports over 90% of its required oil and gas, and the six-month conflict in the Persian Gulf has highlighted the vulnerability of the country's energy security. Coal accounts for nearly 60% of India's energy consumption, oil for 28%, and nuclear energy for just 1.6%. India is increasing its oil reserves, capable of storing 5.33 million metric tons of oil products, which corresponds to 74 days of imports. There is consideration of storing part of the reserves in the UAE.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.