India sharply increased purchases of Russian oil: what is known

India increased its imports of Russian oil to a record high in June, as local refineries increased purchases to reduce the risk of potential supply disruptions due to the situation around the Strait of Hormuz.

Reuters reports this, citing data from Kpler and LSEG.

According to Kpler, Indian refineries imported about 2.7 million barrels of Russian oil per day in June. For comparison, in May this figure was 2.13 million barrels per day. At the same time, LSEG’s estimate for May was 1.95 million barrels per day.

India’s total oil imports were almost unchanged in June and remained at around 4.9 million barrels per day.

Russia retained its status as India’s largest oil supplier. The share of Russian crude in the country’s total imports exceeded 50%, compared to 36.5% in May.

It was previously reported that Indian refineries have increased purchases of Russian oil and plan to maintain high volumes until the end of the year due to a shortage of supplies from the Middle East.

Recall that Russia is threatened with a decrease in oil production, as Ukrainian attacks on ports, pipelines, and refineries have significantly reduced the Kremlin’s export capabilities.