India June Crude Stocks Hit 104 Million Barrels as Record Imports of 5 Million Bpd Lift Russian Supply Share to 52%

India imported a record 5 million barrels per day of crude oil in June 2026, the highest monthly volume ever recorded, according to Business Standard reporting from July 1. Russian crude accounted for 2.6 million barrels per day of that total, pushing Russia's share of Indian feedstock above 52%. Russia's share stood at 36.5% as recently as May, meaning India added approximately 775,000 barrels per day of Russian crude in a single month.

Combined Crude Stocks Reached 104 Million Barrels at End of June

India's combined strategic, commercial, and refinery crude stocks reached 104 million barrels at the end of June 2026, per OilPrice.com. That figure is up from 90.5 million barrels at the end of April. The level remains below the 107-million-barrel peak recorded at the end of February, when Indian buyers were stockpiling aggressively during the Strait of Hormuz closure. The June inventory represents roughly 21 days of India's oil consumption at current import rates.

India imports more than 88% of its crude requirements, per Business Standard. Indian state refiners typically secure supply one to two months ahead. As of early July, feedstock requirements through August are largely locked in, which could reduce Indian spot crude demand in the weeks ahead.

Russia Captured More Than Three-Quarters of India's June Import Growth

The jump in Russia's share from 36.5% in May to more than 52% in June is the headline figure for crude trading desks. At total June imports of 5 million bpd, that 15.5-percentage-point shift equates to about 775,000 additional barrels per day flowing from Russia to India above what May's mix would have implied. That incremental volume is roughly equal to the entire crude output of Ecuador, a current OPEC member.

Analyst Sumit Ritolia, cited by Business Standard, said India's crude imports have demonstrated "remarkable resilience over the past 100 days." Russia has held the position of India's largest crude supplier since 2022, when sanctions-driven discounts made Ural-blend crude competitive against Middle Eastern grades for Indian refiners. At current Brent prices of $72.12 per barrel on ICE as of the July 3 close, Russian Ural-blend crude traded at a substantial discount, amplifying its cost advantage for Indian buyers.

The Stock Trajectory Tracks Three Distinct Market Phases

India's crude inventory path through 2026 reflects three distinct global market phases. Stocks peaked at 107 million barrels at the end of February, driven by accelerated buying during the Strait of Hormuz closure that began earlier that month. By the end of April, stocks had fallen to 90.5 million barrels as the Hormuz disruption eased and imports temporarily slowed. The June recovery to 104 million barrels shows India re-accelerating purchases, locking in Russian crude at scale while Middle Eastern supply normalizes.

Implications for WCS and Canadian Heavy Oil Market Access

India's record Russian crude buying carries a market-access implication for Canadian heavy oil producers. Alberta submitted an application for a West Coast Oil Pipeline to the federal Major Projects Office on July 2, targeting the same Asian refinery market that Russia is now occupying. Western Canadian Select traded at $56.34 per barrel on July 3, a $12.44 per barrel discount to WTI's $68.78 per barrel CME close that day, per OilPrice.com. Canadian producers seeking Asian buyers through Pacific tidewater routes face a competitive market where Russian crude has captured more than half of India's feedstock supply.