India's Crude Oil Imports Touch Record High In June As Russian Shipments Rise

India bought more crude oil in June than it has ever imported during the month, showing little sign of disruption despite months of conflict in West Asia.

Fresh data from energy analytics firm Kpler shows crude imports averaged 4.93 million barrels per day (bpd) in June. A large share of those cargoes came from Russia, which continued to strengthen its position as India's biggest oil supplier.

The numbers suggest that Indian refiners managed to keep supplies flowing even as geopolitical tensions pushed global oil markets through a prolonged period of uncertainty.

Russia's Share Of India's Oil Basket Continues To Grow

Russian crude remained the biggest contributor to India's import basket during June.

According to Kpler, shipments from Russia increased to about 2.6 million bpd, compared with 2.13 million bpd in May. That means Russian oil accounted for more than half of India's total crude purchases during the month.

India has steadily increased purchases from Russia since 2022, when discounted cargoes became available after many European buyers cut back imports following the Ukraine conflict.

Even during the recent tensions in West Asia, Indian refiners continued to lean on Russian supplies to meet domestic demand.

Multiple Supply Sources Helped India Navigate Market Volatility

While crude prices reacted sharply at different stages of the conflict, India's import strategy remained largely unaffected.

Kpler analyst Sumit Ritolia said the country had managed the past 100 days better than many other major importing nations by avoiding dependence on any single supply route.

He noted that refiners continued sourcing crude from different regions, allowing them to maintain stable inflows even when global markets turned volatile.

The latest import figures, he added, reflect the success of that diversified procurement strategy.

No Immediate Return Of Iranian Oil Expected

Although speculation around Iranian crude has resurfaced in recent weeks, a meaningful return does not appear imminent.

According to Ritolia, Indian refiners have already secured enough crude to meet their requirements through early August. While an occasional cargo could arrive if commercial opportunities emerge, a broader resumption will depend on what happens after the current sanctions waiver expires on 21 August.

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Global Supply Outlook Appears More Stable

Looking ahead, Kpler believes the immediate supply picture remains comfortable.

The market is expected to be adequately supplied due to a combination of higher exports from Russia, African countries and Venezuela as well as increased production from the members of OPEC+. Besides, oil shipments via the Strait of Hormuz have been uninterrupted, which has helped to assuage concerns about major supply interruptions.

India, which imports more than 88% of the crude oil it consumes, has relied heavily on diversified sourcing over the past few years. June's record import volume suggests that strategy continues to work even during periods of heightened geopolitical uncertainty.