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Market Chatter: India's Russian Crude Imports Hit Record High in June

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India's imports of Russian crude oil rose to a record 2.7 million barrels per day in June as refiners boosted purchases to offset supply disruptions linked to the closure of the Strait of Hormuz, Reuters reported on Tuesday.

The increase kept Russia as India's top crude supplier, with total crude imports holding near 4.9 million bpd.

Russian crude accounted for more than half of India's oil imports in June, up from 36.5% in May, as refiners continued to favor discounted barrels.

Moscow's crude has dominated India's import mix since 2022, after discounted exports followed the loss of European buyers in the wake of Russia's invasion of Ukraine.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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