India Achieves Record Oil Imports from Russia in June
Record Oil Imports from Russia
In June, India marked a significant milestone by importing the highest amount of crude oil from Russia in 11 months. This surge in imports was driven by Indian refineries increasing their oil reserves amid the ongoing Israel-Iran conflict. According to data from a global commodity market analytics firm, India imported an average of 2.08 million barrels of crude oil per day from Russia in June, the highest since July 2024.
Overall Import Trends
Despite a 6% decline in total crude oil imports for India in June, imports from Russia saw an 8% increase. More than half of the oil purchased by three Indian refineries came from Russia, which is processed into fuels like petrol and diesel for export to G7+ countries. India relies on imports for over 85% of its crude oil needs, with Russia emerging as the largest supplier over the past three years, surpassing the Middle East.
Impact of the Russia-Ukraine Conflict
Following the onset of the Russia-Ukraine war in February 2022, Western nations reduced their purchases of Russian oil. In response, Russia began offering oil at discounted prices, a move that Indian refineries capitalized on. Currently, Russia accounts for nearly 40% of India's oil imports.
Oil Imports from Other Countries
In June, India imported 893,000 barrels per day from Iraq, making it the second-largest supplier, although this represented a 17.2% decrease. Additionally, imports from Saudi Arabia totaled 581,000 barrels, while the United Arab Emirates contributed 490,000 barrels. The United States remained the fifth-largest supplier, with imports of 303,000 barrels.
Global Oil Export Data
According to CREA data, in June, China accounted for 47% of Russia's total oil exports, while India purchased 38%. The European Union and Turkey each bought 6%. India imported fossil fuels worth 4.5 billion euros from Russia, with crude oil making up 80% of that total.
Future Import Projections
S&P Global Commodity Insights reported that in the first half of 2025, India imported 271,000 barrels per day from the United States, marking a 51% increase from the previous year. Imports from Brazil also rose by 80%, averaging 73,000 barrels per day. Nevertheless, Russia continues to be India's largest oil supplier, providing 1.67 million barrels per day.