India's Russian oil imports hit 11-month high in June; refiners stock up amid Israel-Iran conflict: Report
NEW DELHI: India's crude oil imports from Russia surged to an 11-month high in June, as domestic refiners ramped up purchases to bolster inventories amid heightened geopolitical tensions between Israel and Iran, analysts said.
Russian crude imports to India stood at 2.08 million barrels per day (bpd) in June, reaching the highest level since July 2024, based on vessel tracking data from Kpler, a global commodity market analytics firm said.
The Centre for Research on Energy and Clean Air, a European think tank, told PTI that "while India's global imports of crude oil dropped by 6% in June, Russian volumes saw an 8% month-on-month rise to their highest levels since July 2024."
"More than half of these imports from Russia were made by three refineries in India, which also export refined products to G7+ countries," he added.
I
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Is it legal? How to get Internet without paying a subscription?
Techno Mag
Learn More
Undo
ndia relies on imports for over 85% of its crude oil requirements, which refineries process into fuels such as petrol and diesel. While the Middle East previously dominated supply, Russia has established itself as the primary supplier for approximately three years.
Following Western sanctions on Russian crude after the Ukraine invasion in February 2022, Russia offered substantial discounts to secure new buyers.
Indian refineries capitalised on this opportunity, transforming Russia from a minor supplier into India's primary crude oil source, surpassing traditional West Asian suppliers. Russian oil now constitutes approximately 40% of India's oil imports.
India's June imports from Iraq, its second-largest supplier, were 8,93,000 bpd, showing a 17.2% monthly reduction.
Saudi Arabia provided 5,81,000 bpd, remaining steady from May, whilst UAE supplies increased 6.5% to 4,90,000 bpd.
Iraq represented 18.5% of India's oil imports, with Saudi Arabia at 12.1% and the UAE at 10.2%. The US maintained its position as the fifth-largest supplier, delivering 3,03,000 bpd, holding a 6.3% market share, according to Kpler data.
CREA reported that China acquired 47% of Russian crude exports in June, followed by India (38%), the EU (6%), and Turkiye (6%).
"In June, India remained the second-largest purchaser of Russian fossil fuels, importing fossil fuels worth 4.5 billion euro. Crude oil accounted for 80% (3.6 billion euro) of these imports," it said.
According to S&P Global Commodity Insights, India's crude inflows from the US jumped by over 50% year-on-year, reaching 2,71,000 barrels per day (bpd) in H1 2025, up from 1,80,000 bpd in the same period of 2024.
While India has previously relied on US crude, volumes had declined in recent years as it turned to discounted Russian oil.
However, purchases from the US are showing signs of revival amid improved diplomatic ties with the new US administration.
Crude imports from Brazil recorded the steepest growth, rising nearly 80% year-on-year to 73,000 bpd in the January–June period, compared to 41,000 bpd a year ago.
Despite the shift, Russia remained India's top supplier, with average shipments at 1.67 million bpd in the first six months of 2025, marginally up from 1.66 million bpd in the year-ago period.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
35 minutes ago
- Time of India
RSRTC floats tender for third time to buy electric buses
Jaipur: The Rajasthan State Road Transport Corporation (RSRTC) has issued a tender for the third time to procure electric vehicle buses. The corporation plans to acquire 300 electric buses which are to be deployed on routes within the National Capital Region (NCR). Officials said that electric buses will be taken on contract, and bus operators will be paid up to Rs 60 per km. Before this, tenders were invited in Dec 2024 and May 2025. Officials added that the tender for 300 buses is two-fold: one with the infrastructure for charging the buses and the second without charging infrastructure. The corporation aims to procure a total of 900 EVs, which will replace the existing diesel-based fleet used for these routes. For the initial 300 buses, RSRTC has floated the tender, said officials. "Due to the two-fold nature of the tender, we have not received bids as expected till now. The tender has been floated for the 300 EVs that were announced in the state budget. By next month, we'll be able to understand what the response of the bidders is," said a senior official. Officials said that by June 2026, RSRTC will replace all its 900 buses currently plying on the Delhi-NCR routes with EV buses complying with the guidelines of the Commission for Air Quality Management (CAQM). by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cách giao dịch ETH/USD mà không cần nắm giữ Ether IC Markets Tìm hiểu thêm Undo The corporation is also working on procuring 600 EV buses as part of a central govt scheme, PM E-Drive, for which the state govt has also given the sovereign guarantee, said officials. "The PM E-Drive, which is the scheme of the Department of Heavy Industries, is primarily for intra-city operations, but we have requested the central govt to allow us to procure buses under this scheme due to the requirements, explaining our situation," said Shubhra Singh, RSRTC chairperson.
Time of India
35 minutes ago
- Time of India
NGT serves notices to HSPCB and CPCB over pollution control lapses in Haryana
Gurgaon: Two years after a petition raised alarm over 21 industrial units operating in the region, National Green Tribunal (NGT) has issued notices over alleged regulatory lapses and categorisation concerns in Panipat's Madlauda industrial area. The notices — issued on Thursday to Haryana State Pollution Control Board (HSPCB) and Central Pollution Control Board (CPCB) — stem from a 2023 petition by a resident of Sutana village in Panipat. The pollution boards have been asked to submit relevant documents and take appropriate steps. The matter is listed for hearing on Oct 15. The complaint alleged these units — involved in the manufacture of textiles, chemicals, pesticides and cement — engaged in potentially hazardous activities without sufficient regulatory oversight or pollution control compliance. You Can Also Check: Gurgaon AQI | Weather in Gurgaon | Bank Holidays in Gurgaon | Public Holidays in Gurgaon Among the units named was a pesticide formulation company that remained under scrutiny for its classification under the 'orange category'.The tribunal has, on earlier occasions, found several critical gaps in the inspection process of the industrial units, including a pesticide formulation company, and has raised "possible misclassification and environmental non-compliance". On Thursday, while issuing notices to HSPCB (through member secretary) and CBCP (through member secretary), the NGT order said it found "certain anomalies". by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo NGT said, "No consent to operate (CTO) has been placed on record to ascertain conditions specified with the compliance. There is no mention of the quantity of scrubbed liquid, which is to be treated in effluent treatment plant (ETP), and its recirculation or for its proper management. Authorisation granted doesn't specify proper manifest for authorised facility for disposal of residue emerging out of ETP." "There is no disclosure about the performance of scrubbers, exhaust emissions if any and specific mention on operation of the unit in question on ZLD mode. The requirement of on-site crisis management plan as per necessity under MSIHC rules needs to be ascertained," said the order. In multiple orders spanning from Sept 2023 to July 2025, NGT bench, led by the chairperson, questioned whether the company operations, especially those involving the mixing and processing of technical-grade pesticides, warranted stricter classification.
Time of India
36 minutes ago
- Time of India
Rare earth, LAC, Dalai, Pakistan could figure in India-China talks
New Delhi: India and China could discuss a range of contentious issues, including de-escalation in eastern Ladakh, rare earth magnet supplies to India, the Dalai Lama's succession, the recent India-Pakistan conflict and the resumption of direct flights between the two countries when external affairs minister S Jaishankar meets his Chinese counterpart Wang Yi in Beijing this week. On his maiden visit to China since the Galwan clash in June 2020, Jaishankar will also engage with Wang Yi to prepare for the PM's possible visit to China for the SCO summit and meeting with Chinese President Xi Jinping in early September, it is learnt. At the SCO foreign ministers' meet, focus will be on India's SCO formulation on terror and the Pahalgam attack, sources indicated. On the sidelines, Jaishankar could meet his counterparts from Iran and Russia, among others. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like [화제]불면증 완화 해주는 "이 원료" 주목.. 4060 여성들 사이에서 최대 이슈 소나무 더 알아보기 Undo Chinese restriction on rare earth magnet supplies to India has sparked concerns here. China controls about 90% of the global supply, posing risks to supply chains worldwide. In April, China imposed tighter export controls on rare earth magnets-critical components for electric vehicles, wind turbines and electronics. The move resulted in a sharp drop in global shipments and rising uncertainty across supply chains.
