India's Russian Oil Imports Hit Record 2.6 Million B/D in June

Key Facts

1India's total crude imports reached about 5 million b/d in June, the highest ever for the month.

2India imported 2.6 million b/d from Russia in June, equivalent to 54% of its total crude imports, a historic record for Russian-Indian trade.

3Russian supplies to India more than doubled within four months after falling to around 1.1 million b/d in February under US sanctions pressure.

Amid geopolitical shifts in global oil markets, India continues to deepen its reliance on discounted Russian crude. India's total crude imports reached about 5 million barrels per day in June, the highest ever for the month, according to data from Oilprice.com. India imported 2.6 million b/d from Russia, equivalent to 54% of total imports, a historic record for bilateral trade. This comes after Russian supplies more than doubled within four months, following a drop to 1.1 million b/d in February under U.S. sanctions pressure.

Meanwhile, the U.S. Energy Information Administration's weekly report for the week ending June 24 showed commercial crude inventories fell by 6.1 million barrels, exceeding forecasts of a 4.5 million barrel draw, per market data. This strong Indian demand supports global oil prices, as Indian refineries process discounted Russian crude that circumvents the G7 price cap. Analysts view this structural shift as reshaping global oil trade flows.

Markets are now focused on potential U.S. sanctions on Russian shipments and any changes in G7 policy regarding the oil price cap. Investors also await Chinese demand data and its impact on global crude prices, amid ongoing geopolitical tensions in the Middle East.