India's Record Russian Oil Imports Defy US Waiver Expiration

India's imports of Russian crude oil reached a new high in July, accounting for over half of the country's total crude oil imports. According to vessel-tracking data by Kpler, India imported an average of 2.8 million barrels per day (bpd) of Russian crude oil in July, surpassing the previous high of 2.7 million bpd in June. This represents a significant increase from the previous month and sets a new record for Indian imports of Russian crude oil.

Total Indian crude oil imports rose slightly to just over 5 million bpd in July, with Russian oil making up 55.5% of these imports. Despite the U.S. waiver expiring on June 17, India continued to import high levels of Russian crude oil. Analysts predict that Russian crude will remain a key source of oil supply for India due to uncertain shipping conditions in the Strait of Hormuz and the Bab el-Mandeb Strait.

India also imported increased volumes of crude from Saudi Arabia and Iraq during this period, as well as its first shipments from Kuwait since March. The United Arab Emirates remained India's second-largest crude oil supplier behind Russia.