India’s Russian oil imports surge to 11-month high in June on war supply fears

India’s crude oil imports from Russia surged to an 11-month high in June, as refiners hurried to bolster inventories against the backdrop of Israel–Iran tensions that have rattled global markets, according to vessel-tracking data cited by the Press Trust of India (PTI).

Data from global commodity analytics firm Kpler show India imported 2.08 million barrels per day (bpd) of Russian crude in June, the highest monthly level since July 2024. “While India’s global imports of crude oil dropped by 6 per cent in June, Russian volumes saw an 8 per cent month-on-month rise to their highest levels since July 2024,” said the Centre for Research on Energy and Clean Air (CREA), as quoted by PTI. CREA added that “more than half of these imports from Russia were made by three refineries in India, which also export refined products to G7+ countries.”

Russia cements its role as India’s top oil supplier

India has shifted decisively toward Russian barrels over the past three years. Once a marginal supplier, Moscow became India’s biggest crude source after offering steep discounts when Western buyers shunned its oil following the invasion of Ukraine in February 2022. As of June 2025, Russia accounts for around 40 per cent of India’s total crude imports, according to PTI.

India, which relies on imports for over 85 per cent of its crude oil needs, has traditionally sourced most of its supplies from the Middle East. But with discounted Russian oil, refiners have realigned their strategy despite geopolitical criticism from the West. Industry analysts say the discounts and flexible payment terms have made Russian grades irresistible, even as New Delhi insists on a strategy of diversifying suppliers to strengthen energy security.

Competition from West Asian suppliers eases

While Russian imports surged in June, India’s other major suppliers saw declines or only modest growth. According to Kpler data reported by the Press Trust of India (PTI), Iraq—India’s second-largest crude supplier, shipped 893,000 barrels per day (bpd) in June, marking a 17.2 per cent drop from May. Saudi Arabia’s deliveries held steady at around 581,000 bpd, while the United Arab Emirates boosted its volumes by 6.5 per cent to 490,000 bpd.

As a share of India’s total oil imports in June, Iraq accounted for 18.5 per cent, Saudi Arabia for 12.1 per cent, the UAE for 10.2 per cent, and the United States maintained its fifth-place position with 303,000 bpd, or 6.3 per cent of the market, the data showed.

India and China dominate Russian crude buying

Analysts say India and China remain central to Moscow’s crude export strategy, with their purchases dwarfing those of other regions. As per analysis from the Centre for Research on Energy and Clean Air (CREA) cited by PTI, China bought 47 per cent of Russia’s crude exports in June, while India purchased 38 per cent.

The European Union and Turkiye followed with about 6 per cent each. “India remained the second-largest purchaser of Russian fossil fuels in June, importing fossil fuels worth €4.5 billion, with crude oil accounting for 80 per cent (€3.6 billion) of these imports,” CREA said, according to PTI.

US and Brazil flows rise as India diversifies

Even as Russia retained its dominant position in India’s oil mix, imports from the United States and Brazil have been climbing sharply, highlighting New Delhi’s ongoing diversification strategy. According to S&P Global Commodity Insights, US crude inflows to India during January–June 2025 jumped more than 50 per cent from the same period in 2024.

India imported an average of 271,000 bpd from the US in the first half of 2025, compared with 180,000 bpd a year earlier. Brazilian shipments posted even steeper growth, with crude inflows rising 80 per cent year-over-year to 73,000 bpd from 41,000 bpd in the first half of 2024. According to S&P data cited by PTI, Russia retained its top-supplier crown in the first half of 2025 with shipments averaging 1.67 million bpd, up slightly from 1.66 million bpd in the same period last year.

Geopolitical backdrop: War worries and supply security

Analysts attribute the spike in India’s Russian oil imports in June partly to precautionary stockpiling amid fears of wider conflict in West Asia following hostilities between Israel and Iran earlier this year. Indian refiners, keen to ensure robust inventories, have moved to secure supplies in case war disrupts shipping through the Strait of Hormuz, a critical chokepoint for global energy flows.

As India navigates this tense geopolitical environment, its strategy appears to balance opportunistic buying of discounted Russian barrels with efforts to expand ties with non-OPEC suppliers such as the US and Brazil. Industry officials suggest that while Russia’s discounts have been attractive, India’s long-term policy is to avoid over-reliance on any single source, even one offering significant savings.