India imports record crude oil in June as Russian supplies surge despite West Asia tensions

New Delhi: India imported 4.93 million barrels per day (bpd) of crude oil in June, the highest volume for the month on record. This happened despite geopolitical tensions in West Asia, according to data and analysis from energy intelligence firm Kpler.

The surge was largely driven by increased shipments from Russia, which supplied around 2.6 million bpd during the month. This reinforced Russia’s position as India’s largest crude oil supplier, accounting for more than half of the country’s total imports in June, up from 36.5% in May.

India has remained one of the top buyers of Russian oil since 2022–23, as domestic refiners took advantage of discounted supplies following Western sanctions imposed after the Ukraine conflict.

Despite global uncertainties, analysts said India’s crude import strategy has remained stable and well-diversified, helping ensure steady supplies even during periods of price volatility. Energy analyst Sumit Ritolia noted that India has been “well-positioned” over the past 100 days due to proactive procurement and sourcing strategies.

According to the data, Indian refiners have already secured crude supplies through the first half of August, as purchases are typically made one to two months in advance. This reduces the need for immediate spot market buying, even if geopolitical risks continue.

Looking ahead, global supply conditions are expected to remain stable, supported by higher output from OPEC+ producers, along with increased exports from regions such as Africa, Russia, and Venezuela. Continued oil flow through key routes like the Strait of Hormuz is also expected to support market stability.

India, the world’s third-largest oil importer, meets more than 88% of its crude oil demand through imports. In fact, Russian crude has become a key component of its energy basket in recent years.

Overall, analysts say India’s crude import portfolio remains diversified and well-managed, keeping refiners in a strong position to meet demand while optimising costs despite global uncertainties.

(With agency inputs)