India’s Russian Oil Boom Outlives the Hormuz Shock

Indian crude imports set several records in June. Total inflows reached about 5 million b/d, the highest level ever recorded for the month. Of that, 2.6 million b/d came from Russia, equivalent to 54% of India’s total crude imports and a historic record for Russian-Indian trade. Russian supplies, which had fallen to around 1.1 million b/d in February under sanctions pressure from Washington, more than doubled within four months and became a key pillar of India’s energy-security strategy. India’s overall import volume suggests…