India, the world's third-largest crude oil importer, imported 2-2 million barrels of crude oil per day from russia in june this year, reaching a new high of 2.2 million barrels per day, the highest level in the last two years. Importantly, this is more than the total crude oil imported from the Middle Eastern countries of Iraq, Saudi Arabia, the United Arab Emirates, and kuwait combined, according to Kepler data. After israel attacked Iran's nuclear sites on june 13, the US officially joined the Israel-Iran war by attacking three Iranian sites on Sunday. US President trump announced that he had safely evacuated Iran's border with a B-2 fighter jet. He also said that iran should come to peace talks. This two-pronged conflict has turned into a three-pronged war. While this war has created tension in the Strait of Hormuz, the fear of how much the price of crude oil will rise has increased for countries importing crude oil like india, which is watching Iran's next moves closely. Amid the Israel-Iran war, crude oil prices have already increased by 13%. As a result, the indian government has started buying more Russian Urals crude oil, which is available at a discounted price, instead of Middle Eastern oil.
Russian crude oil imports, which were 1.96 million barrels per day in May, increased to 2-2.2 million in June. As a result, Middle Eastern imports fell by 2 million barrels. In june, india imported 615,000 barrels of oil from Saudi Arabia, 1.2 million barrels from Iraq, and 490,000 barrels from the United Arab Emirates. Meanwhile, imports from the US rose from 280,000 barrels to 439,000 barrels, with the main objective of avoiding Trump’s tariffs and striking a good trade deal between india and the US. India’s diversification efforts are now bearing fruit in many ways.

India imported 5.1 million barrels of crude oil per day in June. Of this, Russian oil alone accounted for 38%, with economic benefits and increased purchases of Russian oil due to war fears now bearing fruit. The indian government is considering buying oil from countries like Angola and brazil before the ban on crude oil supplies from iran is lifted. india hopes that this will help it to contain the price hike caused by the war to some extent. Russian oil is a major boon for india amid the tensions in the Middle East.
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Sowmiya Sriram

22/06/2025 12:38 PM