India's June Crude Oil Imports Hit Record Despite West Asia Tensions

Russian crude accounted for more than half of India's oil imports in June as refiners maintained record purchase volumes despite geopolitical tensions in West Asia. India's crude oil imports reached a record 4.93 million barrels per day (bpd) in June, the highest ever for the month, despite heightened geopolitical tensions in West Asia, according to data and analysis from energy intelligence firm Kpler, according to PTI.

Russian crude imports climbed to around 2.6 million bpd during the month, further strengthening Russia's position as India's largest crude oil supplier, Kpler analyst Sumit Ritolia was quoted as saying.

Russian crude contributed more than half of India's total crude imports in June. This was a significant increase from May, when imports from Russia stood at 2.13 million bpd and accounted for 36.5% of the country's total crude purchases, according to Kpler data.

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Russia has remained India's largest crude supplier since 2022-23, as Indian refiners increased purchases of discounted Russian oil after many European countries reduced imports following Moscow's invasion of Ukraine.

The latest import figures highlight India's ability to maintain crude supplies through diversified sourcing even as conflict in West Asia raised concerns over global energy shipments and triggered temporary increases in international oil prices.

He noted that Indian refiners have already secured crude cargoes for the first half of August, as purchases are generally contracted one to two months in advance. As a result, refiners have little immediate requirement for additional buying even if geopolitical tensions continue.

According to Ritolia, India's ability to sustain record import volumes while increasing purchases from Russia reflects the success of domestic refiners in diversifying crude sources and managing refinery economics amid an uncertain global energy market.