Overview
- At the end of June India’s crude inventory stood at about 104 million barrels, recovering from a low of roughly 90.5 million barrels in April.
- Crude imports fell sharply in March but returned to roughly 4.9 million barrels per day by May–June as refiners increased purchases to refill storage.
- Imports from Russia surged to more than 2.5 million barrels per day in June, supplying over half of India's crude that month and helping rebuild stocks.
- The government and refiners tapped strategic reserves, rerouted cargoes and paid premiums for alternative supplies while officials said there was no widespread fuel shortage and delayed vessels have cleared.
- Despite the recovery — equal to about 21 days of consumption — analysts warn that India remains exposed to price swings and supply risk if the Strait of Hormuz is closed for a prolonged period.