Overview
- India imported a record about 4.93 million barrels per day of crude in June, with roughly 2.6–2.7 million bpd coming from Russia, which supplied more than half of the total.
- Refiners accelerated buying of discounted Russian grades after the Strait of Hormuz disruption reduced Gulf flows, using Russia to quickly restore volumes that fell in March–May.
- Indian refiners and marketers say crude feedstock and LPG needs are largely covered through at least August because cargoes are typically booked one to two months ahead.
- Russia has begun importing gasoline from India to plug domestic shortages caused by Ukrainian strikes on its refineries, with industry reports of at least ~60,000 tonnes already shipped.
- The near-term mix could shift as Gulf barrels return and the temporary U.S. Iran sanctions waiver and banking frictions evolve, so markets will watch price spreads, cargo availability, and the expiry of the waiver in August.