India's crude oil and liquefied petroleum gas (LPG) imports showed signs of recovery in May after supply disruptions linked to the West Asia conflict weighed on inflows during March and April, The Times of India reported on June 3 citing ship-tracking data from Kpler.
Crude imports rose to about 4.9 million barrels per day (mbd) in May from around 4.5 mbd during March and April. However, volumes remained below the 5.2 mbd recorded in February, indicating that supply chains have not yet fully normalised.
LPG imports also improved during the month, supported by efforts to diversify sourcing and increase domestic availability. Natural gas supplies registered a stronger rebound, exceeding February levels and helping maintain adequate inventories.
Russia retained its position as India's largest crude oil supplier, continuing to play a key role in ensuring supply stability amid elevated geopolitical uncertainty. At the same time, crude flows from parts of West Asia remained inconsistent, particularly from Iraq and Kuwait.
Also read | War shifts 80% of India's diesel exports to Africa
The UAE became India's second-largest crude supplier in May, followed by Saudi Arabia, Brazil and Venezuela.
According to Kpler, Russian crude remained attractive for Indian refiners due to competitive pricing, dependable availability and flexible logistics at a time when several traditional suppliers faced export-related challenges. Continued purchases from Russia also helped limit India's exposure to disruptions around the Strait of Hormuz and reduced the need for costlier procurement from Atlantic Basin producers.
LPG supplies from the Gulf region continued to face pressure following disruptions affecting shipping through Hormuz. Imports declined from more than 2 million tonnes per month during January and February to roughly 1-1.2 million tonnes between March and May because of lower availability from regional exporters.
India managed to offset the shortfall through increased LPG imports from the US, higher domestic production and measures aimed at balancing demand. These steps helped ensure uninterrupted availability of cooking gas across the country.
Also read | Oman beats Qatar as India’s top LNG supplier as war disrupts Gulf gas flows
Liquefied natural gas (LNG) supplies remained broadly stable despite temporary fluctuations. Combined with domestic production, imports helped sustain comfortable inventory levels.
Kpler data showed that Qatar's share in India's LNG imports has fallen in recent months, while supplies from the US, Oman, Nigeria and Angola have gained prominence.
ToI's report (by Atul Mathur) noted that India has navigated the supply disruptions through a combination of diversified sourcing, higher arrivals from Atlantic Basin suppliers, inventory management and demand-side measures. It added that a prolonged disruption could increase India's dependence on supplies from Russia, the US, Africa and Latin America.
