India's crude oil imports have remained close to record-high levels in July despite the end of the U.S. waiver. Indian imports of Russian crude have averaged 2.45 million barrels per day (bpd) so far this month, which is not far off the record high level of 2.64 million bpd in June.
The U.S. quietly let the waiver allowing the purchase of Russian oil expire on June 17, yet Indian imports from Russia have continued to flow. Russian crude remains the single largest supplier to India, with the United Arab Emirates (UAE) and Saudi Arabia ranking second and third respectively.
