Crisis in Hormuz: India's oil imports reach record levels

India, the world's third-largest oil importer and consumer, sharply reduced oil purchases from the Middle East in the first quarter (April-June) of the 2026/27 fiscal year, focusing instead on Russian and Latin American markets. This was due to restrictions on shipping through the Strait of Hormuz caused by military conflict in the Middle East.

Zamin.uz provides details on the sharp shift in the Indian energy market, based on source data.

Russian oil share reaches record high

According to reports, in June 2026, Russian oil imports to India reached a record daily level of 2.64 million barrels . This is 37.4 percent higher than the figure for May.

• Import volume: In June, Russia accounted for nearly half of the total oil volume purchased by India.

• Quarterly growth: In April-June, supplies from CIS countries, particularly the Russian Federation, increased by 8.3 percent, reaching an average of 2.26 million barrels per day.

• Market share: While a year ago the share of Russian oil in India's imports was 38 percent, in the current quarter this figure rose to 41 percent .

Middle East supplies dropped sharply

Military activities in the Strait of Hormuz and transport security concerns have restricted the delivery of Middle Eastern oil.

• Decline dynamics: In the first quarter, oil imports to India from Middle Eastern countries fell by 27 percent, amounting to 1.55 million barrels per day.

• Share decline: The share of Middle Eastern suppliers in the Indian market fell within a year from 41.4 percent to 31 percent .

• Saudi Arabia direction: In June, India purchased 403,000 barrels of oil per day from Saudi Arabia. Most of the supply was carried out via Yanbu Port to bypass the dangerous strait.

Alternative sources: Latin America and Africa

To compensate for disruptions in the Middle East and meet demand, Indian refineries increased purchases of heavier oil grades from other regions. Specifically, oil imports from Brazil, Venezuela, and Angolawere significantly increased.

India oil imports (Q1 2026/27 fiscal year)