India Oil Imports

India's dependence on oil imports and its climate commitments require that petroleum consumption is replaced, to the extent possible, by electricity, preferably renewable

Russian crude imports rose to a record 2.58 million barrels a day in June as discounts widened and refiners diversified sourcing amid supply constraints from West Asia

India imported 4.93 million barrels per day (bpd) of crude oil in June, the highest volume for the month on record, despite geopolitical tensions in West Asia, according to data and analysis from energy intelligence firm Kpler. Russian crude imports rose to around 2.6 million bpd during the month, reinforcing Russia's position as India's largest oil supplier, Kpler analyst Sumit Ritolia said. Russian supplies made up for more than half of the country's overall imports in June, up from 36.5 per cent in May when it had imported 2.13 million bpd from Moscow, according to Kpler data. Russia has been India's largest crude supplier since 2022-23, as Indian refiners increased purchases of discounted Russian oil after many European buyers reduced imports following Moscow's invasion of Ukraine. The record import volumes underscore India's ability to maintain crude supplies through diversified sourcing even as conflict in West Asia raised concerns over global energy shipments and briefly pus

Iran's central bank said oil export payments are not limited to the US dollar, highlighting greater flexibility as negotiations with Washington move forward

Until June 20, Russia contributed to nearly 50 per cent of India's total crude oil imports in the month, showed data from maritime intelligence firm Kpler

India's crude oil imports from Russia surged in June, while shipments from the United Arab Emirates were near-record levels as refiners sought to secure supplies ahead of the full restoration of flows from Gulf producers following the reopening of the Strait of Hormuz, analysts said. India imported an average of 2.66 million barrels per day of crude oil from Russia in June, through June 19, compared to 1.91 million bpd in May, data from maritime and commodity intelligence firm Kpler showed, cementing Moscow's position as the country's largest oil supplier. Imports from the United Arab Emirates stood at 6,36,000 barrels per day (bpd) in June, through June 19, marginally below the record 6,44,000 bpd imported in May, while Venezuela emerged as India's fourth-largest crude supplier with shipments of 2,09,000 bpd, behind Saudi Arabia's 384,000 bpd. Imports from the United States fell sharply to 91,000 bpd from 2,52,000 bpd in May, according to Kpler data. The purchases underscore India

India's crude oil import bill rose sharply in May as higher global energy prices outweighed stable import volumes amid supply disruptions linked to the West Asia crisis

State refiners have already secured sufficient crude for the next two months and are evaluating long-term supply commitments from West Asian producers

Fuel prices were raised to reduce losses at state-run oil companies, but despite easing pressure after lower crude prices, consumers may not see immediate relief

After months of conflict, the US and Iran have agreed to a peace deal. The move could lower oil prices, support the rupee, revive India's exports and ease inflation concerns

The West Asia crisis affected India through higher oil prices, pressure on the rupee, weaker trade, rising aviation costs and inflation. Here's how the economy absorbed the shock

A reopening or normalization of shipping through the Strait of Hormuz would provide significant relief for India, one of the world's largest crude importers, by easing concerns over oil supplies, lowering freight costs and reducing pressure on inflation. The narrow waterway between Iran and Oman handles roughly a fifth of global oil consumption and serves as the primary export route for major Gulf producers, including Saudi Arabia, Iraq, Kuwait, the United Arab Emirates and Qatar - all key energy suppliers to India. Supply of crude oil - the raw material for making fuels like petrol and diesel - and natural gas - the feedstock used to generate electricity, produce fertiliser, turned into CNG to run automobiles and piped to household kitchens for cooking - through the strait was disrupted since the start of Iran in the end of February. This triggered sharp increases in crude oil prices, shipping insurance premiums and freight rates. Industry sources and analysts said the reopening an

State-owned Shipping Corp. of India is ready to go back to the Persian Gulf once it has approval from the Indian Navy and it has business from oil refiners

Venezuela's return as a top crude supplier highlights how oil alone has shaped India-Venezuela trade, from a $14-billion peak to near-collapse and revival

It may remain a conflict not confined to that theater ... you know, you could have problems elsewhere, Hardeep Singh Puri said

Imports of Russian crude oil rose to 1.92 million barrels per day till May 28

In April and May, Indian refiners raised imports from Venezuela, Brazil, Angola and Nigeria to make up the shortfall, as well as continuing to buy Russian oil

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India's edible oil demand continues to rise on the back of population growth and improving incomes, making import dependence difficult to curb unless domestic oilseed production rises sharply

The deliberations come as the government steps up efforts to curb foreign-exchange outflows, which have put pressure on the rupee - Asia's worst-performing currency this year