India imported slightly more than 5 million barrels per day (mbd) so far this month, above the average of 4.9 mbd between April 2025 and February 2026, according to energy cargo tracker Kpler. Oil ministry data, which differs marginally from Kpler estimates, pegged the average at 5 mbd. The start of the Iran war on February 28 saw India’s oil imports falling 14% to 4.5 mbd in March from 5.2 mbd in February, according to Kpler. Imports recovered to 4.96 mbd in May, with government data placing May supplies at 5 mbd.
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So far in June, Russia has supplied 2.7 mbd, accounting for 54% of India’s crude imports. “More Russian barrels have become available for India,” said Nikhil Dubey, lead analyst, refining, at Kpler.
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“Following (Ukrainian) strikes on Russian refinery infrastructure, coupled with subdued crude import demand from China, we are seeing the highest-ever Russian crude imports into India this month,” said Dubey of Kpler.
Rosneft-backed Nayara Energy’s refinery in Gujarat, which relies almost entirely on Russian crude, completed its periodic maintenance shutdown during the month. This also helped drive Russian supplies to India, said industry executives.
Faced with a sudden supply squeeze due to the Iran war, Indian refiners doubled their intake of Russian crude in March to 2 mbd from the previous month after the US waived sanctions to stabilise global oil prices. The shift was aided by the availability of sanctioned Russian cargoes already floating at sea, including in the Indian Ocean.
At the same time, Indian refiners also intensified their global search for replacement barrels. Angola, a relatively small producer, supplied 334,000 barrels per day in March, becoming India’s third-largest supplier that month. Venezuela has also emerged as a significant source since March, counting as India’s fourth-largest supplier so far in June, with shipments of 292,000 bpd, or 6% of total imports. The UAE is India’s second-largest supplier in June, with 573,000 bpd, followed by Saudi Arabia at 358,000 bpd. UAE supplies rebounded quickly after a sharp dip in March as exporters shifted loading to Fujairah, which bypasses the Strait of Hormuz. Saudi Arabia similarly used its Red Sea export terminal at Yanbu to maintain supplies to India in March and April. However, its shipments fell sharply in May and June as Indian refiners found Saudi crude less competitive than alternative grades.