India’s crude oil inventories have climbed to a nearly one-year high, with stocks reaching 104 million barrels at the end of June, according to data from Kpler cited by the Economic Times. That marks a sharp rebound from 90.5 million barrels at the end of April, when supply disruptions from the Iran war had depleted reserves.
The surge follows a record-breaking month for imports: India brought in 5 million barrels per day (bpd) of crude in June, the highest monthly level ever. Over half of that—2.6 million bpd—came from Russia, facilitated by a U.S. sanctions waiver that has since expired.
Before the Iran conflict, India held 107 million barrels in inventories as of end-February, the highest 12-month level at that point. The war slashed stocks in March and April, prompting refiners to diversify away from Strait of Hormuz-dependent routes and turn to Russian and Venezuelan crude.
Stocks are now nearing pre-war levels, a sign that India’s supply strategy is stabilizing. Still, the expired U.S. waiver on Russian imports raises questions about whether such volumes can be sustained. Any tightening could pressure margins for Indian refiners and fuel prices domestically.
The rebound underscores India's growing reliance on non-Middle Eastern crude to secure energy needs amid regional instability. Whether this momentum continues hinges on diplomatic and sanctions dynamics going forward.