India ramps up Russian and UAE oil imports as Hormuz reopens

India increased its crude oil purchases in June, importing an average 2.66 million barrels per day (bpd) from Russia, up from 1.91 million bpd in May, while shipments from the United Arab Emirates remained near‑record at about 636,000 bpd. Venezuela moved into fourth place with 209,000 bpd and U.S. imports fell sharply to around 91,000 bpd. The surge in Russian supplies and steady UAE deliveries reflect Delhi’s strategy of diversifying sources while the Strait of Hormuz gradually resumes flow after a cease‑fire between the United States and Iran.

At the same time, India broadened its liquefied petroleum gas (LPG) import basket amid the West‑Asia conflict, boosting purchases from the United States, Iran and several European and South‑American nations. The shift helped secure supply but raised freight costs and led to under‑recoveries of roughly ₹22,000 crore for state‑owned oil marketing companies. Energy analyst Sumit Ritolia said, "A reopening of the Strait of Hormuz would represent a major milestone for global energy markets, but the impact on India is likely to vary significantly across commodities."