India's Russian oil imports hit 11 month high in June

Time of India

8 hours ago

India's crude oil imports from Russia climbed to their highest in nearly a year in June, as refiners stocked up amid tensions in West Asia, particularly the Israel-Iran conflict, reported PTI.
According to data from Kpler, a global commodity tracking firm, India imported 2.08 million barrels per day (bpd) of Russian crude last month, the highest since July 2024.
'While India's global imports of crude oil dropped by 6 per cent in June, Russian volumes saw an 8 per cent month-on-month rise to their highest levels since July 2024,' the Centre for Research on Energy and Clean Air (CREA) said in a note. 'More than half of these imports from Russia were made by three refineries in India, which also export refined products to G7+ countries.'
India depends on imports for over 85 per cent of its crude oil needs. While the Middle East was historically the dominant source, Russia has steadily emerged as the top supplier over the past three years. After Moscow's invasion of Ukraine in February 2022, Western sanctions pushed Russian producers to offer deep discounts, prompting Indian refiners to shift gears. Russia now accounts for roughly 40 per cent of India's total crude imports.
In contrast, imports from Iraq — India's second-largest oil supplier — fell to 893,000 bpd in June, a drop of 17.2 per cent from the previous month. Saudi Arabia held steady with 581,000 bpd, while shipments from the UAE increased 6.5 per cent to 490,000 bpd. Iraq made up 18.5 per cent of India's oil imports, followed by Saudi Arabia at 12.1 per cent and the UAE at 10.2 per cent. The US remained in fifth place with 303,000 bpd and a 6.3 per cent share, according to Kpler data.
CREA's analysis of Russian exports in June showed that China took 47 per cent of Moscow's crude, followed by India at 38 per cent. The European Union and Turkiye each accounted for 6 per cent.
'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 per cent (3.6 billion euro) of these imports,' CREA said.
Meanwhile, data from S&P Global Commodity Insights showed India's crude imports from the US surged more than 50 per cent in the first half of 2025 compared to the same period last year, a sign that Indian refiners are once again warming up to non-OPEC sources. The rebound also reflects improving ties with the new US administration.
India imported 271,000 bpd of US crude between January and June this year, up from 180,000 bpd in H1 2024. Shipments from Brazil saw the sharpest rise, growing 80 per cent year-on-year to 73,000 bpd from 41,000 bpd.
Despite the growing diversification, Russia remained India's top crude supplier in the first half of 2025, delivering 1.67 million bpd, slightly higher than the 1.66 million bpd recorded in the same period last year.