India's monthly oil imports from its largest supplier, Russia, saw a slight decrease, while imports from the United States reached their highest level since February 2022, according to industry sources.
India, the world's third-largest oil importer and consumer, meets over 80% of its oil requirements through imports.
Indian refiners collectively imported 1.98 million barrels per day of Russian oil in June, marking a 3.7% decrease from the previous month, according to the data. Still, in the first fiscal quarter which ended on June 30, India's imports of Russian oil rose by an annual 1.2%.
According to a trader with an Indian refiner, Russia ramped up its crude exports in the June quarter due to refinery disruptions caused by Ukrainian drone attacks. However, it is anticipated to decrease in the September quarter.
Iraq maintained its position as the second largest oil supplier to India, followed by Saudi Arabia and the United Arab Emirates. The US has now emerged as the fourth largest supplier to India.
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