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Market Chatter: India's Reliance on Russian Crude Reaches Record High in July

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Russian crude accounted for a record 50.83% of India's total oil imports in July, driven by Middle East supply disruptions stemming from the Iran conflict, Reuters reported Friday citing trade sources data.

While July imports rose 62.4% year-on-year, they dipped slightly by 4.8% from June's peak of 2.6 million bpd, the report noted.

During the first four months of the financial year starting April, Russia's import share averaged over 2 million bpd, reaching a record 43.25% compared to roughly 37% a year earlier, as per the report.

This shift came largely at the expense of traditional Middle Eastern suppliers, whose market share fell to about 30% from 43% over the same period. Meanwhile, Latin America's share jumped from 3.5% to 12.7% due to increased volumes from Brazil and Venezuela, while the UAE surpassed Iraq to become India's second-largest supplier, the report added.

India's Ministry of Petroleum and Natural Gas did not respond immediately to' request for comments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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