Key facts
- India's crude oil inventories reached a near one-year high by the end of June.
- Total crude oil stocks stood at 104 million barrels.
- Record-high crude oil imports were recorded in June.
- Refiners increased purchases from Russia.
- Refiners increased purchases from Venezuela.
- The increased imports aim to enhance energy security.
- The increased imports aim to mitigate supply shock risks.
India's crude oil stocks have climbed to a near one-year peak, reaching 104 million barrels by the close of June. This significant accumulation of reserves is a direct result of record import volumes observed during the month. Refiners have notably increased their procurement of crude oil from Russia and Venezuela. These strategic purchases are intended to enhance the nation's energy security and to build a buffer against potential supply disruptions or shocks in the global market. The surge in inventories indicates a proactive approach by India to manage its energy needs amidst geopolitical uncertainties and fluctuating global supply dynamics.