India’s crude oil imports fell 8.7% in July to 18.56 million tons—the lowest since February 2024—while fuel demand also dropped 4.3%. Year-on-year, crude imports declined 4.3% and product imports 12.8%. The fall may reflect U.S. tariff threats over Russian oil purchases. India plans to address U.S. trade ties openly, even as refiners resume discounted Russian oil buys.
India’s crude oil imports drop to near 18-month low in July
