Hormuz disruptions: India’s crude oil imports from Russia remain near all-time high in July despite no sanctions waiver from US
India’s crude oil imports from Russia continue to be near record highs in July, despite the Donald Trump administration not extending a sanctions waiver. Amid the ongoing US-Iran conflict, Russia has emerged as the key crude oil supplier for India.Some Middle East countries such as the United Arab Emirates (UAE) and Saudi Arabia continue to show supply resilience through alternative routes due to the Strait of Hormuz closure.
India’s top crude oil suppliers
According to Kpler, a global real-time data and analytics provider, India’s crude oil imports from Russia in July so far have averaged at around 2.45 million barrels per day. This is near the all-time high levels of 2.64 million barrels per day seen in June this year.UAE ranks second with an average supply of 617,000 barrels per day in July so far, and Saudi Arabia is the third largest supplier with India’s average imports from the destination being 586,000 barrels per day in the first few weeks of July. Russia has strengthened its position as India’s largest crude oil supplier, with shipments of almost 300 million barrels during the four and a half months since the US-Iran conflict began. Crude sourced from the Middle East through alternative shipping routes continues to account for a significant share of India’s imports. Since March, the UAE and Saudi Arabia have ranked as the country’s second and third largest suppliers, respectively. Venezuela has also expanded its presence and now features among India’s top five crude suppliers.Industry experts say India’s crude procurement pattern during the US-Iran conflict reflects a flexible and well-diversified sourcing strategy.Sumit Ritolia, Lead analyst, Modelling and Refining has in the past said: India has arguably been one of the best-positioned major importers, successfully maintaining crude inflows through proactive diversification and procurement strategies.”According to him, import data demonstrates this resilience, with India’s crude purchases from alternative suppliers remaining strong despite supply disruptions affecting parts of the Middle East.He added that Indian refiners have effectively secured replacement cargoes while maintaining favourable refinery economics.Before February 2022, Russian oil accounted for barely 2% of India’s crude import basket. Between 2023 and 2025, however, it became the country’s largest source of crude, contributing roughly one-third of total imports, supported by discounts that at their peak ranged between $15 and $30 per barrel.
