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Russian Crude Share of Indian Market Remains Strong in June

OIL

Russian crude imports into India in June came in at 2.2mn bpd of a total of 5mn bpd – a similar proportion to May’s record according to Kpler. In May, of the 4.7mn bpd that arrived offshore India, around 2.1mn bpd (45% of total) was sourced from Russia, a new all-time high in absolute terms.

  • In June, Jamnagar alone imported around 403 kbd from Russia, representing 37% of its slate.
  • The rise of Russian oil market share into India is having the predictable effect of reducing Indian demand for Middle Eastern barrels.
  • Over the past three months, the percentage of total seaborne arrivals that originated out of ME held at just 40% of total, well off a 2022 average closer to 60%.

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