Russian Oil Imports Hit Two-Year High As India's Post-Hormuz Strategy Takes Shape

India is significantly increasing its reliance on Russian Oil, with supplies hitting a two-year high in June at 3.06 million barrels per day, data from commodity analytics firm Kpler shows. That's a sharp jump from 1.91 million barrels per day in May. The Russian intake accounts for 53% of India's total oil imports.

The United Arab Emirates was the second-largest supplier with 743,000 barrels per day between June 1 and June 11, followed by Saudi Arabia at 395,000 bpd. The imports from UAE are lower from April levels but higher than supplies of 350,000 bpd in May. 

Venezuela is constantly gaining ground as India is broadening its supply base after the West Asia conflict disrupted shipments from West Asia region. The South American country shipped about 181,000 barrels per day between June 1 and June 11, nearly twice India's intake from the United States.

ALSO READ: Oil Prices At Three-Month Low: Brent Crude At $83 As Attention Turns To Hormuz Reopening Plan

Interestingly, Kazakhstan has found a place in India's crude map, delivering around 303,000 barrels per day in early June --- its strongest flow ever. The country is now firmly among top suppliers alongside Russia, the UAE, and Saudi Arabia as refiners continue to chase discounted and reliable barrels. Middle East flows, however, remain uneven since the war, especially from Oman, Iraq and Kuwait.

India's Crude Oil Import Shift
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"The latest import trends highlight how India's crude procurement strategy has evolved since disruptions around the Strait of Hormuz intensified," said Sumit Ritolia,  lead analyst for refining and supply at Kpler.

Russian barrels continue to offer Indian refiners a combination of pricing advantages, stable availability, and logistical flexibility at a time when traditional suppliers face severe export constraints, he said.

Yet rather than relying on a single source, refiners have diversified across multiple suppliers. "Venezuelan crude imports have picked up recently as buyers search for additional heavy and medium-sour alternatives, and at the same time, Saudi crude flows have remained relatively resilient, supported by exports from Yanbu on the Red Sea, which bypass the Strait of Hormuz altogether," Ritolia added.

UAE volumes have also held up better than many expected, aided by the Abu Dhabi Crude Oil Pipeline, which allows crude to reach Fujairah outside the Strait, he said. The strategy helped India reduce the immediate risk of physical shortages even as geopolitical risks remain elevated.

ALSO READ: India's Russian Oil Imports Rise In May As Refiners Boost Purchases

Oil prices tumbled Monday after the US and Iran announced that they had reached a peace agreement, to be signed in Switzerland later this week, with Brent futures down about 5% at around $83 per barrel by evening. However, the prices remain 20% above pre-war levels, reflecting the market's continued unease over supply risks and transit through the strait.

India's overall imports stand at about 5.78 million barrels per day in early June. "Imports have showed signs of recovery following a softer period during the initial stages of the Mideast Gulf crisis, when volumes fell to around 4.5 Mbd across March and April and around 5 Mbd in May," Ritolia added.

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