India Sees Surge in Russian Oil Imports, Reaching 11-Month Peak in June
India’s crude oil imports from Russia have reached an 11-month high, with domestic refiners significantly increasing their purchases to build up inventories amid escalating geopolitical tensions in the region. In June, Russian crude imports soared to 2.08 million barrels per day (bpd), marking the highest level since July 2024, according to vessel tracking data from Kpler, a global commodity market analytics firm. This surge comes as India continues to rely heavily on foreign oil, with Russian crude now constituting about 40% of its total imports.
Surge in Russian Crude Imports
In June, India’s imports of Russian crude oil rose by 8% month-on-month, even as the country’s overall crude oil imports fell by 6%. The Centre for Research on Energy and Clean Air, a European think tank, reported that more than half of these imports were sourced from just three Indian refineries, which also export refined products to G7+ countries. This shift in sourcing is significant, as India has traditionally depended on Middle Eastern suppliers for its crude oil needs. The geopolitical landscape has shifted since Western sanctions were imposed on Russian oil following the Ukraine invasion in February 2022, prompting Russia to offer steep discounts to attract new buyers.
As a result, Indian refineries have capitalized on these discounts, transforming Russia from a minor supplier into the leading source of crude oil for India. This change has allowed Russia to surpass traditional suppliers in West Asia, solidifying its position in India’s energy landscape.
Comparative Analysis of Oil Suppliers
In June, Iraq remained India’s second-largest supplier, providing 893,000 bpd, which reflects a 17.2% decrease from the previous month. Meanwhile, Saudi Arabia maintained its supply at 581,000 bpd, and the UAE saw a 6.5% increase in its exports to 490,000 bpd. The data indicates that Iraq accounted for 18.5% of India’s oil imports, while Saudi Arabia and the UAE contributed 12.1% and 10.2%, respectively. The United States also played a role, delivering 303,000 bpd, which represents a 6.3% market share.
Despite the decline in imports from Iraq, the overall dynamics of India’s crude oil sourcing have changed dramatically. The shift towards Russian oil has been a strategic response to the evolving geopolitical climate and the need for energy security.
Financial Implications of Crude Imports
India’s financial engagement with Russian crude has also been noteworthy. In June, India emerged as the second-largest buyer of Russian fossil fuels, importing goods worth approximately 4.5 billion euros, with crude oil making up 80% of this total. This translates to about 3.6 billion euros worth of crude oil imports. The Centre for Research on Energy and Clean Air highlighted that China was the largest importer of Russian crude, accounting for 47% of exports, while India followed closely with 38%.
The financial implications of these imports are significant, especially as India continues to navigate its energy needs amid fluctuating global oil prices and geopolitical tensions. The reliance on Russian crude has not only altered the landscape of India’s oil imports but has also raised questions about long-term energy strategies.
Future Trends in Oil Imports
Looking ahead, India’s crude oil imports from the United States have shown signs of recovery, with a year-on-year increase of over 50% in the first half of 2025, reaching 271,000 bpd. This marks a notable rebound from previous years when imports from the US had declined due to the shift towards discounted Russian oil. Improved diplomatic relations with the new US administration may further enhance this trend.
Additionally, Brazil has emerged as a growing supplier, with imports rising nearly 80% year-on-year to 73,000 bpd in the January–June period. Despite these changes, Russia remains India’s top crude supplier, with average shipments of 1.67 million bpd in the first half of 2025, slightly up from 1.66 million bpd in the same period last year. As India continues to adapt to the global energy landscape, the dynamics of its crude oil imports will likely evolve further.
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