India’s Russian oil imports surged to a record level in June as refiners snapped up discounted barrels to manage uncertainty around Middle East supply disruptions linked to the Strait of Hormuz, preliminary ship-tracking data showed.
The data from LSEG and Kpler indicated that Indian refiners received about 2.70 million barrels per day of oil from Russia in June, the highest since the data series began. In comparison, Kpler estimated May Russian imports at 2.13 million bpd, while LSEG pegged May levels at 1.95 million bpd.
Russia has dominated India’s crude supply since 2022–23, after many European buyers reduced purchases of Russian barrels following Moscow’s invasion of Ukraine. The resulting discounts made Russian crude attractive to Asian refiners, helping it become the largest supplier to India.
Despite the jump in Russian purchases, India’s overall crude imports were reported to be broadly steady at about 4.9 million barrels per day. Russian oil accounted for more than half of India’s total imports in June, up from 36.5% in May, reinforcing Moscow’s position as India’s biggest crude source.
The report also pointed to efforts by Indian refiners to replace Middle East barrels with other sources, including Russian supplies, amid ongoing geopolitical uncertainty around shipping chokepoints and overall availability.
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