India’s Reliance on Russian Oil Hits 11-Month High
India’s appetite for Russian crude oil reached an 11-month high in June, clocking in at a substantial 2.08 million barrels per day (bpd). This surge comes as Indian refiners actively increase their inventories, navigating a complex global energy landscape fraught with geopolitical uncertainties.
Shifting Energy Dynamics: Increased Russian Imports, Decreased Overall Intake
Interestingly, while India’s overall crude oil imports saw a dip, the volume from Russia bucked the trend and experienced significant growth. This shift underscores India’s evolving energy strategy in response to global market fluctuations and geopolitical pressures.
Key Players in the Indian Refining Sector
A trio of Indian refineries played a pivotal role in processing over half of the Russian crude oil imports, subsequently exporting refined products. This highlights the increasing importance of these refineries within the Indian energy sector.
