India's crude oil imports drop to near 18-month low in July

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.