India's Russian oil imports hit 11-month high in June; refiners stock up amid Middle East conflict: Report

NEW DELHI: India's crude oil imports from Russia surged to an 11-month high in June, as domestic refiners ramped up purchases to bolster inventories amid heightened geopolitical tensions between Israel and Iran, analysts said.Russian crude imports to India stood at 2.08 million barrels per day (bpd) in June, reaching the highest level since July 2024, based on vessel tracking data from Kpler, a global commodity market analytics firm said.The Centre for Research on Energy and Clean Air, a European think tank, told PTI that "while India's global imports of crude oil dropped by 6% in June, Russian volumes saw an 8% month-on-month rise to their highest levels since July 2024.""More than half of these imports from Russia were made by three refineries in India, which also export refined products to G7+ countries," he added.India relies on imports for over 85% of its crude oil requirements, which refineries process into fuels such as petrol and diesel. While the Middle East previously dominated supply, Russia has established itself as the primary supplier for approximately three years.Following Western sanctions on Russian crude after the Ukraine invasion in February 2022, Russia offered substantial discounts to secure new buyers. Indian refineries capitalised on this opportunity, transforming Russia from a minor supplier into India's primary crude oil source, surpassing traditional West Asian suppliers. Russian oil now constitutes approximately 40% of India's oil imports.India's June imports from Iraq, its second-largest supplier, were 8,93,000 bpd, showing a 17.2% monthly reduction. Saudi Arabia provided 5,81,000 bpd, remaining steady from May, whilst UAE supplies increased 6.5% to 4,90,000 bpd.Iraq represented 18.5% of India's oil imports, with Saudi Arabia at 12.1% and the UAE at 10.2%. The US maintained its position as the fifth-largest supplier, delivering 3,03,000 bpd, holding a 6.3% market share, according to Kpler data.CREA reported that China acquired 47% of Russian crude exports in June, followed by India (38%), the EU (6%), and Turkiye (6%)."In June, India remained the second-largest purchaser of Russian fossil fuels, importing fossil fuels worth 4.5 billion euro. Crude oil accounted for 80% (3.6 billion euro) of these imports," it said.According to S&P Global Commodity Insights, India's crude inflows from the US jumped by over 50% year-on-year, reaching 2,71,000 barrels per day (bpd) in H1 2025, up from 1,80,000 bpd in the same period of 2024. While India has previously relied on US crude, volumes had declined in recent years as it turned to discounted Russian oil. However, purchases from the US are showing signs of revival amid improved diplomatic ties with the new US administration.Crude imports from Brazil recorded the steepest growth, rising nearly 80% year-on-year to 73,000 bpd in the January–June period, compared to 41,000 bpd a year ago.Despite the shift, Russia remained India’s top supplier, with average shipments at 1.67 million bpd in the first six months of 2025, marginally up from 1.66 million bpd in the year-ago period.