India's Crude Oil Imports Surge from Russia | 04 Jul 2024

India witnessed a significant rise in crude oil imports from Russia in June 2024, reaching 1.97 million barrels per day (mbpd), the highest since July 2023.
This increase, up by nearly 15% month-on-month and 2% annually, was driven by reduced Russian crude cargoes to China, redirecting more barrels towards India.
Both public sector giants like Indian Oil Corporation (IOCL), Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL), and private refiners like Reliance Industries (RIL) saw substantial imports, with private refiners importing a record 871,200 barrels per day.
Concurrently, imports from traditional suppliers in West Asia, particularly Iraq (India’s second largest supplier) and Saudi Arabia, declined significantly. Iraq's shipments fell by 20% month-on-month, while Saudi Arabia's dropped by 36%, influenced by higher official selling prices.
In contrast, crude oil imports from the US to India continued to rise, signalling shifting global supply dynamics amidst refinery disruptions in Europe.