Key facts
- India is set to import a record-high volume of Russian crude oil in June.
- Preliminary data shows India has imported 2.6 million barrels per day (bpd) of Russian crude so far in June.
- Russian crude has accounted for as much as 53.5% of all Indian oil imports this month.
- India's full-month imports of Russian crude are estimated to reach a record 2.35 million bpd in June.
- The U.S. allowed its waiver on Russian oil sales to expire without renewing it.
- India has become a major buyer of Russian crude, with Russia as its single-largest oil supplier.
India is poised to import a record volume of Russian crude oil in June, with preliminary data indicating an average of 2.6 million barrels per day (bpd) so far this month. This surge means Russian oil could constitute as much as 53.5% of India's total oil imports for June, surpassing the previous record of 2.2 million bpd set in May 2023.
Analysts suggest that continued discounts and steady refinery demand are supporting these high import levels. Even with the expiration of U.S. waivers on Russian oil sales, India's imports of Russian crude are expected to remain robust, though potentially not at the record-breaking June levels. India significantly increased its reliance on Russian oil in 2022 following Western sanctions imposed after Russia's invasion of Ukraine, making Russia its largest oil supplier.
Amidst a decline in supply from the Middle East, India is also increasing its crude oil purchases from West African nations like Nigeria and Angola, as well as South American producers such as Brazil and Venezuela.