In the month of June, where the war was going on between Iran and Israel. On the other hand, India was increasing its strength with the help of Russia. According to the report, India’s import of crude oil from Russia has reached an 11-month high in June due to increasing storage by refinance between Israel-Iran War. According to data based on the monitoring of the oil ship of the Global Commodity Market Analytics Company Capler, India imported 20.8 lakh barrels per day (BPD) Russian crude oil in June, which is the highest since July, 2024. Let us also tell you what kind of report has come out.
8 % increase in import from Russia
The European Research Institute Center for Research on Energy and Clean Air said that in June, India’s crude oil global imports declined by six per cent, while imports from Russia increased by eight per cent on a monthly basis, which reached its highest level since July, 2024. The research institute said that more than half of these imports made from Russia was from India’s three refineries, which also exported to G7 Plus countries. India imports more than 85 percent of its needs, which is converted into fuel like petrol and diesel in refineries. Traditionally, West Asia was its main source, but Russia has remained its main supplier for the last nearly three years.
How much did you bought from the rest of the suppliers
In June, India imported around 8,93,000 barrels per day (BPD) crude oil from its second largest supplier Iraq, a 17.2 per cent fall on a monthly basis. Import from Saudi Arabia was 5,81,000 barrels per day (almost unchanged from May), while imports from the United Arab Emirates (UAE) increased by 6.5 per cent to 4,90,000 barrels per day. Iraq’s contribution to India’s oil imports was 18.5 percent, followed by 12.1 percent of Saudi Arabia and 10.2 percent of the United Arab Emirates. According to Kepler, the US remains India’s fifth largest crude oil supplier, which has an import volume of about 3,03,000 barrels per day and market share of 6.3 per cent.