India’s Crude Oil Imports from Russia Stay Elevated in July Amid Hormuz Disruptions and Lack of US Sanctions Waiver
India’s crude oil imports from Russia have reached near record levels in July, averaging approximately 2.45 million barrels per day. This surge occurs despite the absence of a sanctions waiver from the Donald Trump administration. Amid ongoing tensions in the US-Iran conflict, Russia has solidified its status as India’s largest crude oil supplier.
India’s Top Crude Oil Suppliers
According to Kpler, a global data and analytics provider, India’s imports from Russia are close to the all-time high of 2.64 million barrels per day recorded in June. The United Arab Emirates (UAE) ranks second, supplying an average of 617,000 barrels per day, while Saudi Arabia follows closely as the third largest supplier with 586,000 barrels per day in early July.
Since the onset of the US-Iran conflict, Russia has delivered nearly 300 million barrels to India over four and a half months. Crude oil sourced from the Middle East, utilizing alternative shipping routes, continues to play a significant role in India’s import strategy. The UAE and Saudi Arabia have maintained their positions as the second and third largest suppliers, respectively, while Venezuela has also emerged among India’s top five crude suppliers.
Industry experts note that India’s procurement strategy during the US-Iran conflict demonstrates a flexible and diversified approach. Sumit Ritolia, Lead Analyst at Modelling and Refining, stated that India has effectively navigated the challenges, securing crude inflows through proactive diversification. He emphasized that Indian refiners have successfully replaced disrupted cargoes while maintaining favorable refinery economics. Prior to February 2022, Russian oil constituted only 2% of India’s crude imports, but by 2023-2025, it has become the largest source, accounting for roughly one-third of total imports, aided by significant discounts.
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