India’s crude oil imports from Russia rose sharply in June, averaging 2.66 million barrels per day, up nearly 40% from May’s 1.91 million barrels. This increase lifted Russia’s share to about 50% of India’s total oil basket, cementing Moscow’s role as India’s largest supplier. The surge came as refiners sought discounted barrels amid disruptions in West Asia. Russian crude was priced $4–5 per barrel below Brent, making it highly competitive.
Imports from the United Arab Emirates stood at 636,000 barrels per day, only slightly below May’s record 644,000 barrels. Most UAE shipments moved through the Habshan-Fujairah pipeline, bypassing the Strait of Hormuz. Saudi Arabia supplied 384,000 barrels per day, while Venezuela contributed 209,000 barrels. In contrast, US shipments fell sharply to 91,000 barrels per day from 252,000 barrels in May.
The Strait of Hormuz, a critical energy route carrying one-fifth of global oil, was closed after Iran’s military tensions with the US and Israel. Though a ceasefire has allowed partial recovery, Gulf producers continue relying on alternative routes to ensure supply security. Analysts expect Russian crude to remain central to India’s energy strategy, supported by steady demand and attractive pricing, even if sanctions waivers lapse.
