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India keeps importing Russian crude near record highs despite waiver lapse
India averaged 2.45 million barrels per day of Russian crude in July, compared with 2.64 million bpd in June, according to Kpler data cited by Indian media.
India’s crude oil imports from Russia have stayed near record levels in July even after the United States allowed a tanker-loading waiver to expire, OilPrice reports, citing Kpler data. The U.S. let the waiver expire on June 17, around the time the U.S. and Iran signed a memorandum of understanding to continue negotiations on a deal.
According to data cited by Indian media, India has averaged 2.45 million barrels per day of Russian crude so far in July. That is not far from the June record of 2.64 million bpd, when India increased purchases from Russia, buoyed by the waiver that had been extended multiple times since March.
Kpler data cited by Indian media show that in early July, the United Arab Emirates ranked second for India’s crude supply at an average of 617,000 bpd, while Saudi Arabia was the third-largest supplier at 586,000 bpd.
The article also notes that the UAE and Saudi Arabia have logistics workarounds that bypass risk in the Strait of Hormuz, including Saudi redirection to the Yanbu export port on the Red Sea and UAE reliance on a pipeline to Fujairah and ship-to-ship transfers near Oman and the UAE.
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