India is on track to import a record volume of Russian crude oil in June, an energy expert has indicated, citing a significant increase in tanker traffic to Indian ports. Anas Alhajji, Chief Economist at NGP Energy Capital Management, observed an unprecedented number of vessels carrying Russian crude arriving in India.
Surge in Russian Oil Deliveries
Alhajji, in a statement made on Monday, June 29, 2026, highlighted the visible surge in maritime activity. "I’ve never seen so many tankers carrying Russian crude at Indian ports as I’m seeing right now," he remarked, suggesting that June figures would likely surpass previous records for Russian oil imports.
This observation follows a report from the Centre for Research on Energy and Clean Air (CREA) which detailed India's significant role in Russian fossil fuel trade during May. According to CREA, India was the world's second-largest buyer of Russian fossil fuels that month, importing an estimated €5.8 billion ($6.7 billion) worth of hydrocarbons.
Key Data from May Imports
- Crude oil constituted approximately 83% of India's total imports from Russia in May, valued at €4.8 billion.
- Oil products accounted for €550 million, and coal imports were €429 million.
- India's overall crude import volumes rose by 8% month-on-month in May.
- Purchases of Russian crude specifically saw a 21% increase during the same period.
Several major Indian refining hubs reported substantial increases in Russian oil arrivals in May. Volumes unloaded at the Vadinar refinery in Gujarat surged by 36% from April levels, while deliveries to the Jamnagar refining complex increased by 14%. State-run refiners also expanded their purchases:
- Russian crude deliveries to the New Mangalore refinery rose 13% month-on-month.
- Imports at the Visakhapatnam refinery jumped by 42%.
- The Paradip refinery in Odisha recorded its highest volume of Russian crude imports in two years.
Geopolitical Context and Global Trade
Russia has remained a crucial energy supplier for India, particularly since Western sanctions and trade restrictions reshaped global energy markets following Russia's invasion of Ukraine. Indian refiners have strategically increased their purchases of discounted Russian crude, which has helped manage energy costs and bolstered refining margins.
Globally, CREA's report indicated that China accounted for 50% of Russia's crude exports in May, with India following at 36%. Turkiye imported 6%, and the European Union received 5% of Russia's crude exports during that month.