India’s oil imports from Russia fell for the first time since March as the nation ramps up buying of Saudi crude

India’s oil imports from Russia fell for the first time since March as the nation ramps up buying of Saudi crude

Indian imports of Russian oil fell for the first time in five months in July.

Imports of Russian oil fell 7.3% in July, while imports of Saudi Arabian crude jumped 25%.

That's because Russian oil prices have jumped amid high demand from buyers, making the price of Saudi supplies more attractive.

India's imports of crude oil from Russia slipped for the first in five months in July as the nation ramps up its buying of Saudi Arabian crude products.

India took in 877,400 barrels per day of crude from Russia last month, Reuters reported, falling 7.3% from record trade volume in June when it took in 950,000 barrels a day.

In the last week of July alone, imports averaged below 400,000 barrels per day according to data from Vortexa, less than half of what it has averaged in recent months. Russia is still among India's largest oil suppliers though, just behind Iraq.

The dip in Indian demand for Russia's oil is largely due to the fact that prices of Saudi oil are becoming more attractive. Russian prices have surged due to strong demand from India and China since the country's invasion of Ukraine, as well as loosened EU sanctions on Russian oil.

The price of Russia's ESPO