Due to the tension around the Strait of Hormuz across the world, there are clouds of crisis over the supply of crude oil, but India has overcome this crisis through its own unique and master strategy. India has made a record purchase of crude oil from Russia in June 2026. According to government data and reports, India’s import of Russian crude oil has increased by about 34% in June as compared to May.
Russia benefits, but why did earnings decline? Interestingly, on one hand, India is buying huge quantities of oil from Russia, while on the other hand, according to the report of the Center for Research on Energy and Clean Air (CREA), Russia’s oil earnings have declined. In June, India bought crude oil worth about 4.5 billion euros from Russia, which accounts for 83% of India’s total fossil fuel imports. With this purchase, India has now become the second largest country in the world to buy oil and fuel from Russia after China.
‘Big action’ of Indian refineries India’s leading oil companies have left no stone unturned in increasing imports from Russia. There has been a huge jump of 150% in the supply coming from Russia to Reliance Industries’ Jamnagar Refinery. At the same time, an increase of 126% has been recorded in Indian Oil (IOC)’s Paradip Refinery, 83% in BPCL’s Kochi Refinery and 45% in Nayara Energy’s Vadinar Refinery.
How is India playing the game of global supply? India is not only meeting its needs by purchasing crude oil from Russia, but has also become a major global supplier by refining it. Russia’s crude oil exports may have increased by 14% in June, but due to fall in international prices, its daily earnings declined by 8% to 348 million euros. India is not only meeting its own consumption but is also exporting refined petroleum products to countries like Turkey, Brunei and Georgia which have imposed sanctions on Russia. It also includes big names like European Union (EU), America and Australia.
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