Key facts
- India's crude oil imports from Russia averaged 2.45 million barrels per day in July.
- This volume is close to the record high of 2.64 million bpd seen in June.
- The U.S. waiver that allowed these purchases expired on June 17.
- The UAE and Saudi Arabia are India's second and third largest crude oil suppliers, respectively, in July.
- Analysts anticipate Russian crude will continue to be a significant oil source for India.
India's crude oil imports from Russia have continued at near-record levels in July, even after a U.S. waiver that permitted such purchases expired on June 17. According to data from Kpler, Indian imports of Russian crude averaged 2.45 million barrels per day (bpd) in July, only slightly below the record high of 2.64 million bpd set in June. This sustained flow suggests that many of the July cargoes were likely arranged during the period when the U.S. waiver was active. The geopolitical situation, including the Iran war and the Hormuz crisis, has further solidified Russia's position as India's primary crude oil supplier. In July, the United Arab Emirates ranked second, supplying an average of 617,000 bpd, while Saudi Arabia was the third largest supplier with 586,000 bpd in early July. Both the UAE and Saudi Arabia utilize alternative shipping routes to bypass the Strait of Hormuz. Analysts predict that Russian crude will remain a crucial source of oil for India, regardless of future U.S. waiver decisions for oil already loaded on tankers.