Compelled by ongoing supply disruptions from traditional Middle Eastern exporters, Indian refiners ramped up imports of Russian crude oil to an unprecedented record of 2.73 million barrels per day (mbpd) in June 2026. Capitalizing on crucial discounts ranging from $2 to $5 per barrel, Russian oil successfully constituted nearly 50% of India’s total monthly crude intake. This massive surge was further facilitated by a temporary US sanctions waiver on sea-stranded Russian cargoes, which expired on June 17, 2026. This supply shift stabilized India’s overall monthly imports back to its baseline of over 5 mbpd, balancing out sharp drops from traditional partners like Qatar. While these lower crude costs have successfully restored the profit margins of state-run Oil Marketing Companies (OMCs) above pre-conflict levels, financial analysts warn that high accumulated corporate debt and potential restorations of central excise duties could restrict long-term sector valuations.