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India hits record 2.8 million bpd Russian crude imports

8/15/2026

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Summary

India Imports Record

India imported a record 2.8 million barrels per day of Russian crude in July 2026, about 55.5% of its total crude intake.
Indian refiners bought 2.47 million barrels per day, spent €5.5 billion, and accounted for 87% of India’s Russian fossil-fuel purchases in July.
The U.S. Senate passed an August 2026 bill that could let President Donald Trump impose up to 100% tariffs on top Russian-oil importers, raising uncertainty for India.

Summary

India Deficit Rises

India’s merchandise trade deficit hit $30.43 billion in June, above the Reuters poll forecast of $30.20 billion for July.
July imports rose to $76.22 billion, led by a 44% jump in electronics to $14.37 billion and a 5% rise in gold to $4.16 billion.
Consumer inflation climbed to 4.45% in July, prompting RBI Governor Sanjay Malhotra to signal possible rate hikes and Morgan Stanley to project a 75-bp rise to a 6.0% terminal rate by December.

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India Imports Record

India imported a record 2.8 million barrels per day of Russian crude in July 2026, about 55.5% of its total crude intake.
Indian refiners bought 2.47 million barrels per day, spent €5.5 billion, and accounted for 87% of India’s Russian fossil-fuel purchases in July.
The U.S. Senate passed an August 2026 bill that could let President Donald Trump impose up to 100% tariffs on top Russian-oil importers, raising uncertainty for India.

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