In June 2026, India significantly increased its crude oil imports from Russia, averaging 2.66 million barrels per day (bpd) up to June 19. This rise marks a notable increase from the 1.91 million bpd imported in May. The surge in imports occurred despite the expiration of the third US sanctions waiver on Russian oil purchases on June 17, which had been initially issued to stabilize global oil prices amid geopolitical tensions. The increase in Russian oil imports is attributed to competitive pricing and rising demand in India, which is the world's third-largest energy importer.
During the same period, India's oil imports from the United States saw a sharp decline, dropping to 91,000 bpd from 252,000 bpd in May. This shift in sourcing reflects India's strategy to diversify its crude oil supply, particularly after disruptions in imports from the Gulf region due to ongoing conflicts and the closure of the Strait of Hormuz. The UAE remained a significant supplier, with shipments at 636,000 bpd, while Venezuela emerged as India's fourth-largest supplier with 209,000 bpd, following Saudi Arabia's 384,000 bpd.
The US has consistently urged India to increase its oil purchases from American sources and explore options from Venezuela, especially after the US imposed sanctions on Venezuelan President Nicolas Maduro. The sanctions waiver on Russian oil was initially granted on March 5, 2026, and extended twice, but the expiration of this waiver indicates a shift in US policy as it seeks to stabilize oil prices amid potential changes in Middle Eastern oil supply dynamics.
As geopolitical tensions continue to shape global oil markets, India's decision to ramp up imports from Russia highlights its need for energy security and the balancing act it must perform between maintaining relationships with various oil suppliers while navigating international sanctions and pressures. The implications of these decisions will likely affect global oil prices and India's energy strategy moving forward.
