India's fuel exports hit a near 10-month high as refiners lean on Russian crude

India's exports of refined petroleum products reached a near 10-month high by mid-July 2026, as supply shortages caused by the Strait of Hormuz crisis lifted refiners' margins. Indian refiners imported about 2.6 million barrels a day of Russian crude this month, more than half of the country's total oil imports.

At the same time, India's crude imports from West Asia fell in the second quarter to their lowest recorded level since 2013, according to Kpler vessel-tracking data. Indian refiners say they have secured enough crude for the next two months and are in no rush to resume West Asian purchases, even if transits through the Strait of Hormuz normalize.

The shift matters for Iran, because India is one of Asia's key oil markets and the competition among sanctioned exporters such as Russia and Iran for Asian buyers is intensifying.