India's Crude Oil Imports: Russia's Rising Influence
India's crude oil imports from Russia reached an 11-month peak in June, driven by steep discounts post-Ukraine invasion. Russia has become India's leading supplier, overtaking traditional Middle Eastern sources. Despite a global import decline, Indian refineries increased Russian crude imports to fuel refining outbound operations.
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In June, India's import of crude oil from Russia soared to an 11-month high as refineries capitalized on discounted prices amidst geopolitical tensions involving Israel and Iran. According to vessel tracking data from Kpler, India's intake hit 2.08 million barrels per day (bpd), the largest since July 2024.
Despite a 6% drop in India's overall crude oil imports, Russian volumes saw an impressive 8% month-on-month increase, marking their highest level since July 2024, reported the Centre for Research on Energy and Clean Air. Three major Indian refineries, which also export to G7+ countries, accounted for over half of these imports.
Russia's emergence as a primary supplier, providing 40% of India's oil imports, signifies a strategic shift post-Moscow's 2022 Ukraine invasion. With alternatives like Iraq and Saudi Arabia witnessing a decline, India's pivot towards Russian and non-OPEC crudes from the US and Brazil is reinforcing its energy strategy.
(With inputs from agencies.)
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