India’s June Crude Oil Imports Reach Record As Russian Supplies Climb To New High

India imported 4.93 million barrels per day (bpd) of crude oil in June, marking the highest volume ever recorded for the month, according to data released by commodity analytics firm Kpler. The increase was largely driven by record purchases of Russian crude as refiners strengthened inventories during a period of supply uncertainty in West Asia.

Russian oil imports climbed to 2.6 million bpd in June, up 37% from 1.9 million bpd in May. The sharp increase made Russia India’s largest crude supplier for the month, reinforcing its position in the country’s import basket.

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Kpler’s Lead Analyst for Refining Supply and Modelling, Sumit Ritolia, said Indian refiners had successfully maintained record import volumes while expanding purchases from Russia, reflecting their ability to diversify sourcing and optimise procurement costs.

Refiners Secure Supplies Through August

Industry officials indicated that India’s crude oil supply position remains comfortable, with refiners having already secured crude and liquefied petroleum gas (LPG) cargoes through August.

According to Ritolia, refiners generally procure crude shipments one to two months before delivery, meaning feedstock requirements for the coming weeks are largely covered. He added that global supply conditions remain favourable due to increased exports from Russia, Africa and Venezuela, along with higher production from the Organization of the Petroleum Exporting Countries and its allies (OPEC+).

The reopening of the Strait of Hormuz has also supported uninterrupted energy shipments from Gulf producers, easing concerns about supply disruptions that emerged during heightened geopolitical tensions.

An official at an oil marketing company (OMC) said there is currently no shortage of crude availability, noting that refiners have diversified procurement sources and the market presently has more sellers than buyers.

Diversified Import Strategy Continues

India has steadily broadened its crude sourcing strategy in recent years to reduce dependence on any single region.

Apart from Russia, refiners now procure crude from Oman, the U.S., Brazil, Venezuela, Angola, several West African nations and other South American producers. The diversified approach is intended to improve supply security while allowing refiners to respond more efficiently to changing market conditions.

Iranian Oil Unlikely To Return Soon

Despite easing geopolitical tensions, Kpler does not expect a significant increase in Iranian crude imports in the immediate future.

Ritolia said Indian refiners already have sufficient cargoes scheduled through the first half of August, limiting the need for additional purchases. He also noted that any imports from Iran would depend on the existing sanctions waiver, which is due to expire on August 21.

While a limited number of opportunistic cargoes could arrive during July or August, Kpler expects any sustained return of Iranian crude to India’s import mix only after mid-August and only if the regulatory environment permits. For now, India’s crude oil sourcing remains well diversified, adequately supplied and positioned to meet domestic demand without significant disruption.