India’s Imports of Russian Crude Hit New High in July

India's crude oil imports from Russia reached a record high in July, accounting for more than half of the country's total crude oil imports, according to vessel-tracking data from Kpler. The average monthly volume of Russian crude imports reached 2.8 million barrels per day (bpd), surpassing the previous high of 2.7 million bpd in June.

Total Indian crude oil imports increased slightly from June to 5 million bpd in July, as Indian refiners continued to rely on Russian volumes amid ongoing threats to shipping in the Strait of Hormuz and the Bab el-Mandeb Strait in the Red Sea. In addition to Russian imports, Indian refiners boosted purchases of crude from Saudi Arabia and Iraq, as these countries managed to export millions of barrels during the mid-June to mid-July period when the Strait of Hormuz was temporarily open to tanker traffic.

For the first time since March, India also imported crude from Kuwait in July. The United Arab Emirates (UAE), now raising production and shipments of crude outside the Strait of Hormuz, became India's second-largest crude oil supplier after Russia. Despite the U.S. waiver for Russian oil purchases expiring on June 17, India maintained high levels of Russian imports in July, with analysts predicting Russian crude will remain a crucial supply source for India due to uncertain shipping conditions in the Strait of Hormuz and the Bab el-Mandeb Strait.