India's Oil Imports Surge on Record Russian Barrels

Normalcy has returned to India's crude oil imports in June, bolstered by record shipments from Russia. This recovery follows several months of supply disruptions and an eclectic mix of alternative sources, including Angola, Iran, and Venezuela. India's imports reached approximately 5 million barrels per day (mbd) in June, surpassing the average seen between April 2025 and February 2026.

Russia has emerged as the dominant supplier, providing 2.7 mbd, which constitutes 54% of India's total crude imports for June. This significant increase is attributed to the availability of Russian barrels, partly due to Ukrainian strikes on Russian refinery infrastructure and subdued demand from China. The maintenance shutdown at Nayara Energy's refinery, which relies heavily on Russian crude, also facilitated these increased imports.

Amidst previous supply squeezes, Indian refiners increased their intake of Russian crude significantly starting in March. Simultaneously, other nations stepped in; Angola became a major supplier in March, and Venezuela has also become a notable source. The UAE is India's second-largest supplier in June, with Saudi Arabia third, though Saudi shipments have decreased due to competitiveness issues. Conversely, US crude imports have fallen considerably.