India's Strategic Oil Imports Amid Geopolitical Tensions

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.

Shift in India's Oil Import Dynamics

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.

Global Oil Import Trends

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. CREA reported that China acquired 47% of Russian crude exports in June, followed by India (38%), the EU (6%), and Turkiye (6%).