India’s crude oil imports surged to a record 4.93 million barrels per day (bpd) in June, defying the logistical headwinds posed by escalating tensions in the Strait of Hormuz.
The volume increase was primarily driven by a sharp rise in purchases from Russia, as Indian refiners aggressively diversified their supply base to mitigate exposure to the volatile Middle East corridor.
The data underscores the resilience of India’s energy strategy, which has successfully insulated domestic consumers from the immediate shock of the geopolitical crisis.
While the Strait of Hormuz remains a critical chokepoint for global energy flows, India’s ability to source from alternative suppliers has prevented a supply crunch.
This diversification effort comes as the broader market grapples with the uncertainty of shipping routes through the strait.
Despite the robust import figures, the underlying risk premium persists.