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India's Russian Oil Surge: Record Imports Fuel Energy Security
19 Jul
Summary
- India imported over $5 billion in Russian crude oil in June 2026.
- Russian crude now serves as India's strongest energy security hedge.
- Record volumes of Russian oil sustained high refinery operations.
In June 2026, India achieved record imports of Russian crude oil, with purchases totaling over $5 billion. This marks a significant increase of 32 percent month-on-month and 25 percent year-on-year. These imports now represent India's strongest energy security hedge, particularly in light of disruptions affecting the Strait of Hormuz.
The Jamnagar refinery saw the most substantial month-on-month rise in Russian crude imports, with significant increases also observed at Paradip, Kochi, and Vadinar refineries. Overall, India imported approximately 2.7 million barrels per day of Russian crude oil last month, a record volume that constituted more than half of its total crude imports.
This reliance on Russian crude has enabled Indian refiners to maintain high operational levels and ensure uninterrupted fuel supplies. This strategic sourcing has provided a vital buffer, preventing the supply disruptions experienced by several other Asian refining operations. The average price of Russia's Urals crude saw a decrease in June 2026.
