India's Russian crude imports hit new high in June
What's the story
India's imports of Russian crude oil hit a record high in June, according to a report by the Centre for Research on Energy and Clean Air (CREA). The country's purchases surged by 34% month-on-month, despite a decline in Russia's overall oil export revenues. In June alone, India imported Russian crude worth €4.5 billion, accounting for 83% of its total Russian fossil fuel imports of €5.5 billion.
Refinery gains
Major refineries see steep gains in imports
The spike in India's Russian crude oil imports was driven by major refineries, which saw steep gains. Reliance Industries's Jamnagar refinery witnessed a whopping 150% jump in imports from May, while Indian Oil Corp's Paradip refinery saw a 126% increase. BPCL's Kochi refinery and Nayara Energy's Vadinar refinery also posted impressive gains of 83% and 45%, respectively, CREA reported.
Export impact
Rise in export volumes despite decline in revenues
India's increased purchases contributed to a 14% rise in Russia's crude export volumes in June. This was despite an 8% month-on-month decline in its crude oil export revenues to €348 million a day, due to lower prices. Overall, Russian fossil fuel export revenues fell by 1% to €734 million per day, despite a 7% increase in export volumes.
Trade dynamics
India plays role in global trade of refined fuels
India has also been instrumental in the global trade of refined fuels made from Russian crude. Refineries in India, Turkiye, Brunei, and Georgia exported oil products worth €814 million to countries that have sanctioned Russia in June. An estimated €369 million of these exports were refined from the Russian crude.