New Delhi, June 22 - Amid market volatility following Israel's attack on Iran, India has increased crude oil imports from Russia and the US in June. India's purchases from Russia in June are increasing compared to imports from West Asian suppliers Saudi Arabia and Iraq. The US military has attacked three places in Iran this morning. It has directly joined Israel in this war.
Preliminary data from global trade analyst company Kapler shows that Indian refinery companies are buying 2 million to 2.2 million barrels of crude oil per day from Russia in June. This is the highest figure in two years. At the same time, it is more than the combined amount of crude oil purchased from Iraq, Saudi Arabia, the UAE and Kuwait.
India's oil imports from Russia in May were 1.96 million barrels per day (bpd). Crude oil imports from the US also increased to 4,39,000 bpd in June, up from 2,80,000 bpd the previous month. According to Kapler, the full-month estimate for oil imports from West Asia is about 2 million bpd, which is lower than the previous month's purchases.