India’s crude oil imports from Russia continue at nearly 2.45 million barrels daily in July 2026. This sustained high volume helps Indian refiners navigate supply chain disruptions near the Strait of Hormuz. While Middle Eastern supplies are being rerouted, Russia now provides roughly one-third of India's total crude requirement.
India continues to rely heavily on Russian crude oil, with imports reaching approximately 2.45 million barrels per day throughout July 2026. This data highlights a major shift in India’s energy procurement, as Russia maintains its status as the nation's principal oil supplier. This trend has persisted despite the lack of formal sanctions waivers from the United States, showcasing the strategic importance of these inflows for domestic energy security.
Impact of Strait of Hormuz Disruptions
Recent geopolitical tensions near the Strait of Hormuz have complicated traditional oil supply routes from the Middle East. Major suppliers, including the United Arab Emirates and Saudi Arabia, have been forced to reroute shipments to maintain deliveries to Indian refiners. In July, the UAE provided about 617,000 barrels per day, while Saudi Arabia supplied 586,000 barrels per day. These figures illustrate the ongoing efforts by refiners to stabilize energy costs and prevent supply shortages by tapping into alternative sources.
Evolution of India’s Import Mix
The composition of India's crude basket has undergone a dramatic transformation over the past four years. Before February 2022, Russian oil accounted for only 2% of total imports. This share rose to roughly one-third of the total import basket between 2023 and 2025. This pivot was largely driven by attractive price discounts, which at times ranged between $15 and $30 per barrel compared to global benchmarks. Furthermore, Venezuela has re-emerged as a significant contributor to India’s supply chain, entering the top five list of suppliers.
Investor Context for Refiners
For investors monitoring Indian oil marketing companies and refiners, this procurement strategy is essential for maintaining healthy profit margins. By securing stable, discounted crude, Indian refiners have been able to protect their gross refining margins despite volatile global oil prices. However, the reliance on Russian crude carries inherent risks, including potential changes in global sanction enforcement, logistics costs, and long-term geopolitical stability. The shift toward a more diversified supplier base, which now includes a stronger presence from Venezuela, indicates that Indian refiners are actively managing these concentration risks.
Investors should monitor future updates regarding global crude price trends, any changes in the frequency or scale of discounts on Russian oil, and the stability of supply routes in the Middle East. Additionally, the ability of domestic refiners to maintain or improve their refining margins in the face of fluctuating raw material costs will remain a key factor for their financial performance in upcoming quarterly results.