Russian crude now accounts for over half of India’s oil imports amid Hormuz tensions and U.S. waivers.
India’s Russian crude oil imports reached 2.6 million barrels per day in June, a record high, as geopolitical risks and U.S. policy shifts drive demand. Preliminary data shows Russian oil now makes up 53.5% of India’s total oil purchases this month.
The surge follows disruptions in the Hormuz Strait and U.S. waivers on Russian oil, easing restrictions for Indian refiners. India, the world’s third-largest crude importer, has increasingly relied on discounted Russian barrels since early 2023.
No immediate market reaction was reported, but the shift underscores India’s growing role in global oil trade dynamics.