Strategic crude purchases from multiple suppliers strengthen India's resilience amid global market volatility
Russia remained India’s largest crude oil supplier in June as refiners sharply increased purchases from Moscow amid continued disruptions in West Asia and uncertainty surrounding global energy routes. Preliminary vessel-tracking data showed Russian crude imports rising to record levels, reinforcing New Delhi’s strategy of prioritising energy security through diversified sourcing while maintaining access to discounted barrels.
India imported an average of 2.66 million barrels per day (bpd) of crude oil from Russia in June through June 19, up from 1.91 million bpd in May, according to data from commodity intelligence firm Kpler. Russian supplies accounted for 53.5 per cent of India’s total crude imports during the period, consolidating Moscow’s position as the country’s largest oil supplier.
Kpler estimates that India’s full-month imports from Russia will exceed 2.35 million bpd, surpassing the previous record of 2.2 million bpd registered in May 2023. The increase in Russian imports coincided with a sharp decline in crude flows from several West Asian producers following months of disruption linked to the closure of the Strait of Hormuz. About 40 per cent of India’s crude imports typically transit through the strategic waterway.
Imports from the United Arab Emirates stood at 636,000 bpd in June through June 19, marginally below the record 644,000 bpd imported in May. Saudi Arabia supplied 384,000 bpd, while Venezuela emerged as India’s fourth-largest supplier with shipments of 209,000 bpd.
India’s crude import strategy has undergone a major shift since March 2026 as geopolitical tensions in West Asia disrupted traditional supply routes and increased freight risks. While Russian crude has remained the backbone of India’s import basket, refiners have expanded purchases from alternative suppliers to safeguard supply security.
Hardly any crude oil has been imported from Iraq, traditionally India’s second-largest supplier, for nearly four months. Iraq relies almost entirely on the Strait of Hormuz for its oil exports. Imports from other Gulf producers also declined significantly, although Saudi Arabia and the UAE continued exporting some volumes through pipeline infrastructure that bypasses the Strait. The latest figures underline New Delhi’s efforts to reduce vulnerabilities arising from regional conflicts while ensuring uninterrupted fuel supplies for the domestic market. Russian crude has remained attractive due to competitive pricing, while additional supplies from the UAE and Venezuela have helped offset shortages created by disruptions in Gulf shipping.
In contrast, crude imports from the United States fell sharply to 91,000 bpd in June from 252,000 bpd in May, according to Kpler data. India, the world’s third-largest energy importer, depends heavily on overseas supplies of crude oil, liquefied natural gas (LNG) and liquefied petroleum gas (LPG). Concerns over energy security intensified after Iran closed the Strait of Hormuz following military tensions involving the United States and Israel. The waterway carries around one-fifth of global oil consumption and serves as a key export route for Saudi Arabia, Iraq, Kuwait, the UAE and Qatar.
Although an initial peace pact between the United States and Iran has raised expectations of a gradual restoration of Gulf oil flows, analysts believe India’s crude import mix is unlikely to change significantly in the near term.
Industry experts pointed to uncertainty surrounding the durability of the US-Iran peace arrangement, lingering security concerns and the time required for shipping companies and insurers to regain confidence in the region.
India had already been purchasing significant volumes of Russian crude before the West Asia conflict, although imports had fallen to just over 1 million barrels per day (bpd) in February amid sanctions-related constraints and evolving trade dynamics. Even then, Russia remained India’s largest crude supplier.
As disruptions in West Asia intensified and supplies from the Gulf region came under pressure, imports from Russia rebounded sharply to nearly 2 million bpd in March, accounting for almost 45 per cent of India’s total crude imports. The upward trend continued in the following months, with Russian shipments reaching record levels in June.
Industry experts note that Russian crude continues to remain attractive for Indian refiners due to its competitive pricing, reliable availability and ability to meet the country’s large energy requirements. At the same time, refiners have expanded purchases from suppliers such as the UAE and Venezuela to strengthen supply security and reduce dependence on any single region.
With uncertainty still lingering across key West Asian energy corridors and global oil markets remaining sensitive to geopolitical developments, Russia is expected to remain New Delhi’s largest crude supplier in the near term, while India continues to pursue a diversified and resilient energy import strategy.
