India’s Russian oil imports set to hit 2-year high in June: Report

The month-on-month jump in Russian crude volumes is estimated at 14.7%, reinforcing Russia’s position as India’s top oil supplier.

Following Russia, other key suppliers in June include Iraq, the UAE, Saudi Arabia, and the United States.

Imports from Iraq have seen a sharp 31% drop to 746,148 bpd, while supplies from Saudi Arabia also declined by 9.5% to 525,751 bpd.

The UAE, in contrast, raised its share by 18% to 542,804 bpd.

US shipments surged 19% to 314,929 bpd, reflecting India’s growing appetite for diversifying its crude sources and capitalising on price advantages.

Russia’s Urals grade continues to anchor its dominance in India’s crude basket. Though not heavily discounted, it averaged around $50 per barrel FOB in May—comfortably below the $60/bbl price ceiling set by Western nations.

In May, Russian oil shipments to India stood at 1.85 million bpd.

India’s import mix reflects its efforts to navigate geopolitical volatility and reduce its reliance on the Middle East, which supplies nearly 40% of its crude.

Rising tensions in the region have frequently unsettled global oil markets, prompting Indian refiners to increasingly look to Russia, West Africa, Brazil, and the US for alternatives.

Kpler estimates that India could import over 1 million bpd of American crude during the April–June quarter, underscoring the strategic shift underway in the country’s energy procurement strategy.