India’s Russian Oil Imports Surge to 11-Month High

India’s appetite for Russian crude oil has grown significantly, reaching an 11-month high in June. Imports surged to an impressive 2.08 million barrels per day (bpd), reflecting a complex interplay of global market dynamics and strategic decisions.

Geopolitical Tensions Fueling Increased Imports

The rise in Russian oil imports coincides with heightened geopolitical tensions, prompting Indian refiners to secure their energy supplies and build up inventories. While overall crude imports for India saw a decrease, the influx of Russian oil bucked this trend, highlighting a strategic shift in sourcing.

Indian Refineries Play Key Role in Processing Russian Crude

Three key Indian refineries are responsible for processing over half of the imported Russian oil, further refining it into usable products for both domestic consumption and export. This increased activity underscores the growing importance of Russian crude within India’s energy landscape.