India imported a record 4.93 million barrels per day (bpd) of crude oil in June, marking the highest-ever import volume for the month despite heightened geopolitical tensions in West Asia. The surge was driven by higher purchases of discounted Russian crude, reinforcing Russia’s position as India’s largest oil supplier, according to data and analysis by energy intelligence firm Kpler.
Russian crude imports rose to around 2.6 million bpd during June, accounting for more than half of India’s total crude imports. This marked a sharp increase from May, when Russian shipments stood at 2.13 million bpd and represented 36.5 per cent of the country’s imports, news agency PTI reported.
Russian crude continues to dominate India’s import basket
Russia has remained India’s biggest crude supplier since 2022-23, after Indian refiners stepped up purchases of discounted barrels following the reduction in European demand after the Ukraine conflict.
The latest import figures indicate that Indian refiners continued to diversify sourcing while maintaining stable supplies, even as tensions in West Asia raised concerns over shipping routes and temporarily pushed up global crude prices.
“India’s crude imports have quietly demonstrated remarkable resilience over the past 100 days. Over the past 100 days, India has arguably been one of the best-positioned major importers, successfully maintaining crude inflows through proactive diversification and procurement strategies,” Kpler analyst Sumit Ritolia told PTI.
“India imported 4.93 million bpd of crude in June, the highest June volume on record, despite heightened geopolitical tensions in the Middle East. At the same time, Russian crude imports climbed to around 2.6 million bpd, reaffirming Russia’s position as India’s largest and most important crude supplier,” he told PTI.
Ritolia added that the ability to sustain record import volumes while increasing Russian purchases reflected Indian refiners’ success in balancing supply diversification with refinery economics.
Refiners secure supplies ahead as global outlook remains comfortable
According to Ritolia, Indian refiners have already secured crude supplies through the first half of August, as cargoes are generally booked one to two months in advance. This reduces the immediate need for additional purchases even if geopolitical uncertainties continue.
He said a significant return of Iranian crude to India remains unlikely in the near term. While one or two opportunistic cargoes may arrive during July or August, any sustained resumption would depend on the regulatory environment after the current sanctions waiver expires on August 21.
“Looking ahead, India’s crude import position also appears comfortable. Refiners typically procure crude cargoes one to two months in advance, implying that feedstock requirements through August are largely secured. Beyond that, the global supply outlook remains supportive,” Ritolia said, according to PTI.
He noted that rising exports from Africa, Russia and Venezuela, along with higher production from OPEC+ countries and uninterrupted crude flows through the Strait of Hormuz, should keep global supplies adequately balanced.
“The recent decline in crude prices also suggests that the market is increasingly comfortable with supply availability (as for now at least) despite lingering geopolitical risks,” he said, as per PTI.
“Overall, India’s crude import portfolio remains well diversified, well balanced, and adequately covered. Unless there is a material disruption to global physical supplies, Indian refiners are well positioned to meet crude requirements while continuing to optimise procurement economics,” he added.
