India significantly increased crude oil imports from Russia and maintained near-record purchases from the United Arab Emirates in June as refiners moved to secure supplies ahead of the full normalization of shipping through the Strait of Hormuz.
According to Kpler data, India imported an average of 2.66 million barrels per day (bpd) of Russian crude in June through June 19, up sharply from 1.91 million bpd in May. The surge reinforced Russia’s position as India’s largest oil supplier. Imports from the UAE remained strong at 636,000 bpd, only slightly below the record 644,000 bpd imported in May.
Meanwhile, Venezuela emerged as India’s fourth-largest crude supplier with shipments of 209,000 bpd, trailing Saudi Arabia’s 384,000 bpd. Imports from the United States declined significantly to 91,000 bpd from 252,000 bpd in May.
The increase in Russian and UAE purchases reflects India’s strategy of diversifying energy sources amid uncertainty caused by the temporary closure of the Strait of Hormuz following regional tensions involving Iran, the United States and Israel. The strategic waterway handles around 20% of global oil consumption and is a key export route for Gulf energy producers.
With shipping gradually resuming after a U.S.-Iran ceasefire, analysts expect energy flows to normalize in phases. Kpler’s Senior Manager of Modelling, Sumit Ritolia, said liquefied petroleum gas (LPG) supplies are likely to recover first, followed by liquefied natural gas (LNG) and crude oil shipments.
India, which imports about 88% of its crude oil requirements, has strengthened its energy security by increasing purchases from Russia, Venezuela, Brazil, Oman, Nigeria and the United States during the disruption. While Gulf suppliers are expected to regain market share as Hormuz operations stabilize, India’s broader sourcing strategy is likely to continue.
Analysts also expect the reopening of the Strait of Hormuz to ease freight costs, reduce supply risks and help stabilize global energy prices in the coming months.
