India's oil imports from Russia hit another record high as limit nears

India acquired a record amount of petroleum from Russia, as the nation is getting close to the end of its binge buying from the major oil producer. According to Viktor Katona, the head of crude analysis at Kpler, daily volumes increased for a tenth consecutive month in June, reaching 2.2 million barrels per day.

The analytics company's data showed that Russian purchases once more outpaced the combined shipments of Saudi Arabia and Iraq. According to a previous Kpler estimate, Moscow supplied 46% of India's oil imports in May, a startling increase from the 2% it supplied before the invasion of Ukraine.

In order to support the Russian economy, India has intervened. Following the invasion of Ukraine, India became a significant user of Russian oil, but due to infrastructural problems and the need to maintain good relations with other suppliers, the country's purchasing may have reached its limit.

Kpler stated that because of a decline in Russian production, imports may fall next month. According to Kpler, Reliance Industries Ltd. was the second-largest purchaser of Russian crude over the previous two months, followed by state-owned Indian Oil.

According to the analytics company, India's imports of Urals overall reached a record 1.5 million barrels per day in June. In April, Saudi oil averaged $86.96 per barrel while Russian crude transported to Indian coasts cost $68.21 per barrel.