Record Crude Oil Imports

India imported a record 4.93 million barrels per day of crude oil last month, marking the highest-ever monthly import level, according to a report by energy research firm Kpler. Russia alone supplied around 2.6 million barrels per day, with its share rising to over 50% of India’s total crude imports in June. Since 2022–23, Russia has remained India’s largest crude oil supplier.

The report also noted improving global supply conditions, driven by increased production from Africa, Russia, Venezuela, and OPEC+ countries. It added that Indian refiners have already secured crude oil supplies through advance contracts covering demand until the first half of August, ensuring near-term stability in imports.