India’s Russian Crude Oil Imports Surge 40% in June Amid Strong Refinery Demand

Cheap Russian Oil Continues to Dominate India’s Energy Imports Amid Global Supply Concerns

India's imports of Russian crude oil recorded a sharp increase in June, rising nearly 40% compared to the previous month as domestic refiners continued to capitalize on discounted supplies despite ongoing geopolitical uncertainties.

According to trade intelligence data, India imported an average of 2.66 million barrels per day (mbpd) of Russian crude in June, up from 1.91 mbpd in May. The increase has pushed Russia’s share of India’s total crude oil imports to nearly 50%, reinforcing its position as the country's largest oil supplier.

Russian Crude Remains Attractive Due to Significant Discounts

Industry experts attribute the surge in imports to the continued price advantage offered by Russian crude compared to global benchmark Brent crude.

Russian oil is currently available at a discount of approximately $4–5 per barrel, making it an attractive option for Indian refiners seeking to manage input costs and maintain profitability.

Analysts noted that stable refinery demand and competitive pricing have helped sustain strong import volumes throughout June.

West Asia Crisis Influences Global Oil Trade

The rise in Russian crude purchases comes amid disruptions in global energy markets triggered by tensions in West Asia. During the crisis, the United States temporarily waived certain sanctions related to Russian oil purchases, allowing countries such as India to continue importing discounted crude.

The sanctions waiver expired on June 17, but market experts believe India's reliance on Russian oil is likely to continue due to its economic advantages and established supply chains.

Russian Oil Accounts for Major Share of India’s Fossil Fuel Imports

Recent energy market assessments indicate that crude oil remains the largest component of India’s imports from Russia.

Data from energy research organizations suggest that crude oil represented more than 80% of India's total fossil fuel imports from Russia during recent months. Apart from crude, India also imported petroleum products and coal from Russia, highlighting the deepening energy trade relationship between the two countries.

India's Overall Crude Imports Continue to Rise

Supported largely by higher purchases of Russian oil, India's total crude oil imports recorded strong month-on-month growth. The increase reflects the country's growing energy demand and efforts by refiners to secure cost-effective supplies amid global market volatility.

As one of the world's largest energy consumers, India remains heavily dependent on imported crude oil to meet domestic fuel requirements.

Future Outlook for India-Russia Energy Trade

Market analysts expect Russian crude to remain an important component of India's energy basket in the coming months, even if import volumes fluctuate due to geopolitical developments or changes in sanctions regimes.

Industry observers note that competitive pricing, reliable supply availability, and strong refining demand are likely to continue supporting India's purchases of Russian oil.

At the same time, policymakers and energy companies will closely monitor global market conditions, including developments in West Asia, international sanctions policies, and crude oil price movements, which could influence future import strategies.

The continued growth in Russian crude imports underscores India's focus on energy security and cost optimization as it navigates an increasingly complex global energy landscape.

Inputs from Agency