India’s Russian oil imports hit new high, but may be close to cap

July 3rd, according to Victor Katona, head of crude oil analysis at commodity data service provider, India’s oil imports from Russia last month set a new record again.

India’s daily crude oil imports hit 2.2 million barrels in June, rising for the 10th straight month, data showed.

Imports from Russia again exceeded Saudi Arabia and Iraq combined, Kpler data showed.

India has become one of the main consumers of Russian oil in the wake of the Russia-Ukraine conflict, but its purchases may be close to the ceiling due to infrastructure issues and the need to maintain good relations with other suppliers. Imports are likely to fall next month due to lower supplies from Russia.