India's crude oil imports from Russia declined in July for the first time in nine months, while shipments from Saudi Arabia fell to a 2-1/2 year low after OPEC+ output cuts, data showed.
Both India and China, the top two oil importers globally, reduced imports from Russia and Saudi Arabia as prices rose and the producers cut output and shipments.
Saudi Arabia volunteered to cut 1 million barrels per day (bpd) from July-September, while Russia will reduce exports 500,000 bpd in August, as part of an OPEC+ deal to curb supplies and support prices.
India's overall imports fell 5.2% from June to 4.4 million bpd in July, as some refineries shut for maintenance in monsoon season.
Russian oil imports dropped 5.7% to 1.85 million bpd and Saudi shipments plunged 26% to 470,000 bpd. India imports over 80% of its oil needs.
Indian refiners diversifying imports had been buying discounted Russian oil after Western companies shunned Moscow over its invasion of Ukraine. But India's Russian oil imports may now fall further in August-September as crude prices are above the G7's $60/barrel cap and spot discounts shrank.
Despite the Saudi drop, the share of OPEC oil in India's July imports rose to its highest since March on more imports from Iraq, UAE and Nigeria. In April-July, OPEC's share was the lowest in at least 22 years.
