June saw record crude inflow at 4.93 mn bpd

NEW DELHI: India imported 4.93 million barrels per day (bpd) of crude oil in June, the highest volume for the month on record, despite geopolitical tensions in West Asia, according to data and analysis from energy intelligence firm Kpler.

Russian crude imports rose to around 2.6 million bpd during the month, reinforcing Russia’s position as India’s largest oil supplier, Kpler analyst Sumit Ritolia said.

Russian supplies made up for more than half of the country’s overall imports in June, up from 36.5 per cent in May when it had imported 2.13 million bpd from Moscow, according to Kpler data.

Russia has been India’s largest crude supplier since 2022-23, as Indian refiners increased purchases of discounted Russian oil after many European buyers reduced imports following Moscow’s invasion of Ukraine.

The record import volumes underscore India’s ability to maintain crude supplies through diversified sourcing even as conflict in West Asia raised concerns over global energy shipments and briefly pushed up oil prices.

“India’s crude imports have quietly demonstrated remarkable resilience over the past 100 days. Over the past 100 days, India hasarguably been one of the best-positioned major importers, successfully maintaining crude inflows through proactive diversification and procurement strategies,” he said.

Indian refiners have largely secured crude supplies through the first half of August, as cargoes are typically booked one to two months in advance, Ritolia said.

That leaves refiners with limited immediate need for additional purchases even if geopolitical risks persist.

“India imported 4.93 million bpd of crude in June, the highest June volume on record, despite heightened geopolitical tensions in the Middle East. At the same time, Russian crude imports climbed to around 2.6 million bpd, reaffirming Russia’s position as India’s largest and most important crude supplier,” he said.