India's crude oil imports from Russia remained near record levels in July, averaging 2.45 million barrels per day, despite the expiration of a U.S. waiver on June 17. This sustained flow suggests continued reliance on Russian crude, even as the UAE and Saudi Arabia rank as the second and third largest suppliers.
India's continued high volume of Russian oil imports, even after the expiration of a U.S. waiver, highlights the country's reliance on discounted Russian crude and poses a challenge to international sanctions aimed at curbing Russia's energy revenues. This sustained purchasing pattern impacts global oil supply dynamics and geopolitical relationships.
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.
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