India's Russian oil imports dip in July, skips LatAm supply, data shows

India's Russian oil imports declined in July after jumping the previous month as some refiners slowed purchases due to smaller discounts, while Indian fuel demand also typically dips during the monsoon season, according to trade sources and data.

Russian oil imports for the world's third-biggest oil importer and consumer are likely to slow further in August and September as Indian state refiners paused Urals crude purchases as discounts have narrowed while US President Donald Trump warned India not to buy Russian oil.

India imported 1.5 million barrels per day of Russian crude in July, down 24.5 per cent from the previous month, the data showed.

Private refiners - Reliance Industries, Russia-backed Nayara Energy and HPCL-Mittal Energy Ltd - took around 60 per cent of India's Russian oil imports in July while the remainder went to state refiners, according to the data.

In July, Russia accounted for 34 per cent of India's overall imports of 4.44 million bpd. India's oil imports in July were the lowest since September 2023, the data showed.

Russia remained India's top oil supplier, followed by Iraq and Saudi Arabia.

India's Russian oil imports also declined partly because Reliance, operator of the world's largest refining complex, reduced its purchases by about 19 per cent in July from a high base in the previous month, the data showed.

State refiners have switched to alternative supply from the Middle East and the United States to replace Russian oil in August and September.

Meanwhile, the share of OPEC nations, mainly Middle Eastern producers, in India's overall imports rose to a five-month high in July, the data showed.

In January-July, India's Russian oil imports fell about 3.6 per cent to 1.73 million bpd, while purchases from the US rose 58 per cent, the data showed.

Also, India skipped imports of oil from Latin America in July, for the first time at least since 2011 when Reuters started compiling the monthly data.