Overview
- India bought a record amount of Russian crude in June, a 34% month-on-month rise worth about EUR 4.5 billion that made it the second-largest buyer of Russian hydrocarbons after China.
- Major Indian refineries sharply increased intake in June, with Reliance’s Jamnagar up 150%, Indian Oil’s Paradip up 126%, BPCL’s Kochi up 83%, and Nayara’s Vadinar up 45%.
- Russia’s seaborne crude export volumes rose roughly 14% in June while crude export revenues fell about 8% month-on-month to near EUR 348 million per day because prices slid.
- Refineries in India and other countries exported oil products worth about EUR 814 million in June to markets that restrict Russian crude, an estimated EUR 369 million of which came from Russian feedstock, and at least two such shipments were unloaded at EU ports.
- Logistics and policy choices are shaping the flows: roughly 54% of seaborne Russian oil moved on sanctioned “shadow” tankers in June and official Indian trade data show April–June merchandise imports from Russia rose 52.6% with the petroleum import bill up about 23%.