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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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.
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Sign InMeanwhile, 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.