India saw a surge in Russian crude oil imports in June, reaching a record high, as per a report by the Centre for Research on Energy and Clean Air (CREA). The imports totaled EUR 4.5 billion, marking a 34% increase from May. This increase contributed to India becoming the second-largest buyer of Russian hydrocarbons after China.
The rise in imports coincided with a 5.4% month-on-month increase in India’s overall crude oil imports. Notably, major Indian refineries experienced significant growth in Russian crude supplies. Reliance Industries’ Jamnagar refinery saw a 150% surge, Indian Oil Corporation’s Paradip refinery recorded a 126% increase, Bharat Petroleum Corporation Ltd’s Kochi refinery increased imports by 83%, and Nayara Energy’s Vadinar refinery witnessed a 45% rise.
India’s heightened demand for Russian crude oil helped boost Russia’s crude export volumes by 14% in June. However, due to lower crude prices, Russia’s crude oil export revenues declined by 8% month-on-month to EUR 348 million per day. Despite a 7% increase in export volumes, Russia’s overall fossil fuel export revenues slipped by 1% to EUR 734 million per day during the month.
The report emphasized India’s significant role in the global trade of refined petroleum products derived from Russian crude. Refineries in India, Turkiye, Brunei, and Georgia exported oil products worth EUR 814 million to countries that have imposed sanctions on Russia, including the European Union, Australia, and the United States, in June.
