India's crude oil imports from Russia are expected to reach a record level in June, with energy expert Anas Alhajji highlighting a sharp increase in the number of tankers carrying Russian crude arriving at Indian ports.
Alhajji, chief economist at NGP Energy Capital Management, said the volume of Russian crude tankers currently arriving at Indian ports was unlike anything he had witnessed before. He also shared a Kpler map showing a large number of vessels transporting Russian crude to various Indian refining hubs.
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The surge comes after India emerged as one of the biggest buyers of Russian energy following Western sanctions imposed on Moscow after its invasion of Ukraine. Indian refiners have continued to take advantage of discounted Russian crude, helping manage domestic fuel costs and improve refining margins.
A report by the Centre for Research on Energy and Clean Air (CREA) showed that India remained the second-largest buyer of Russian fossil fuels in May, importing around €5.8 billion ($6.7 billion) worth of Russian hydrocarbons. Crude oil accounted for nearly 83% of those imports, valued at about €4.8 billion.
Major refineries recorded higher arrivals, including Vadinar in Gujarat, Jamnagar, New Mangalore, Visakhapatnam and Paradip. The Paradip refinery reported its highest Russian crude imports in two years.
India's overall crude imports rose 8% month-on-month in May, with Russian crude purchases increasing 21%. In May, China accounted for half of Russia's crude exports, while India's share stood at 36%, followed by Turkey at 6% and the European Union at 5%.
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