India’s Imports of Russian Oil Set for New Record High
Iran’s Oil Exports Through Hormuz Hit Wartime High Global energy-efficiency gains have stalled… What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… India is set to import a record-high volume of Russian crude in June as the Hormuz crisis and the U.S.
waivers on Russia’s barrels have pushed the world’s third-largest crude importer to gorge on Moscow’s oil again.
India has imported 2.6 million barrels per day (bpd) of Russian crude oil so far in June, according to preliminary vessel-tracking data from commodity analytics firm Kpler cited byIndian media.
So far this month, Russian crude has accounted for as much as 53.5% of all Indian oil imports, per the data.
India’s full-month imports of Russian crude are set for a record-high of 2.35 million bpd in June for any month ever, Kpler has estimated.
This would exceed the previous record of 2.2 million bpd from May 2023.
Going forward, Russian crude will remain a key source of supply for India even if the U.S.
does not extend the waiver for Russian crude already loaded on tankers, analysts say.
Last week, as it announced the memorandum of understanding with Iran, the U.S.
quietly let the waiver on Russian oil salesexpirewithout renewing it.
“India’s imports remained strong through June, supported by continued discounts and steady refinery demand,” Sumit Ritolia, manager, modelling and refining at Kpler, told Financial Express.
“Regardless of whether the US waiver is extended, we expect India’s imports of Russian crude to remain robust, even if not at record-high levels.” India turned en masse to Russian oil in 2022, when the U.S.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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