Source: Russia Fossil Tracker by CREA, Refinitiv, PPAC Daily flows of 14-day running average
- India’s imports of Russian crude oil rose sharply in June, marking a clear inflection point after relatively muted activity earlier in the year. The increase followed a period of cautious buying by Indian refiners, who had moderated purchases amid evolving trade considerations. However, June saw a decisive shift, with refiners stepping up intake of Russian barrels and reinforcing Russia’s position as India’s largest crude supplier.
- India’s crude oil imports from Russia stood at ~5,300 lakh tonnes by the end of July 2026. Within this broader trade landscape, Russian crude imports rose from ~2,500-3,000 lakh tonnes in early 2026 to ~4,700 lakh tonnes in June, before increasing further to ~4,800 lakh tonnes in July.
- The increase in imports was majorly supported by ongoing geopolitical tensions affecting Middle East oil supply. Disruptions across key transit routes prompted refiners to diversify sourcing, with Indian buyers turning to Russian barrels to offset supply shortfalls and mitigate the impact of disruptions. This enabled a quicker pivot toward Russia as an alternative source of crude. Alongside Russia, India also sources crude oil from more than 41 suppliers across the world
- Several measures undertaken by the Government, including support to MSME and export sectors, efforts to ramp up crude supplies, encouraging use of domestically produced alternatives to imported inputs, and diversification of critical imports have strengthened the economy’s resilience to cope with external shocks. Overall, the trend reflects India’s crude sourcing strategy with a growing reliance on Russian supplies likely in the near term. It also underscores the changing dynamics of India’s import basket amid evolving global energy risks.
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