Indiaʼs imports of Russian oil hit a record high in June as Indian refineries bought Russian oil to cushion the impact of the closure of the Strait of Hormuz on supplies from other sources.
This is reported by Reuters, citing data from Kpler and LSEG.
Indian refineries received about 2.7 million barrels of Russian oil per day this month. For comparison, in May, imports from Russia were 2.13 million barrels per day according to Kpler and 1.95 million barrels per day according to LSEG estimates.
Indiaʼs total oil imports were almost unchanged in June at around 4.9 million barrels per day. Russia remained the largest supplier. The share of Russian oil in Indiaʼs total imports exceeded 50%, compared to 36.5% in May.
What preceded
In April, Indian refiners cut purchases of Russian oil, fearing it would complicate trade talks with the United States. This forced Moscow to look more actively for buyers in China.
However, the escalation of the conflict in the Middle East since February 28 and the de facto blockade of the Strait of Hormuz have increased the risks of an oil shortage on the world market. And this has forced refiners in India to return to Russian barrels.
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