Discussion on  how India has surpassed China as the world’s biggest importer of Russian oil in July, as per trade and industry sources. Key points from the article include:

1. India’s oil imports from Russia reached a record 2.07 million barrels per day (bpd), making up 44% of India’s overall imports, a 4.2% increase from June and a 12% increase from the previous year.
2. India surpassed China in oil imports from Russia, with the latter importing 1.76 million bpd via pipelines and shipments in July.
3. Indian refiners have taken advantage of Russian oil sold at discounts, following Western sanctions on Moscow and reduced energy purchases in response to Russia’s invasion of Ukraine.
4. India’s trade with Russia has increased since February 2022, primarily due to oil and fertilizer imports, which are helping to keep global prices low and control inflation.
5. The flow of Russian oil has shifted from traditional Chinese buyers in northeast China to India, due to falling demand in China and increased Indian purchases.
6. Iraq remains the second-largest oil supplier to India, followed by Saudi Arabia and the United Arab Emirates.
7. India’s crude purchases from the Middle East increased by 4% in July, with the region’s share in India’s overall mix rising to 40% from 38% in June.

Indicates that India’s demand for Russian oil is likely to continue as long as there are no further tightened sanctions, and that the country’s trade with Russia will likely remain robust in the future.

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