The July figures sit only slightly below the peak of 2.64 million barrels per day recorded in June. Much of the recent inflow likely consists of cargoes contracted while the U.S. exemption remained active. While Washington previously signaled a shift in its stance, the logistical reality of the global oil market has kept Russian barrels flowing into Indian refineries at a steady pace.

Russia currently stands as India’s primary supplier, significantly outpacing other major exporters. The United Arab Emirates follows in second place, providing 617,000 barrels per day, while Saudi Arabia ranks third at 586,000 barrels per day. Both Middle Eastern nations have adapted to regional instability by rerouting shipments, such as Saudi Arabia’s pivot to the Yanbu port on the Red Sea and the UAE’s utilization of the Fujairah pipeline to bypass the Strait of Hormuz. Analysts suggest that regardless of further U.S. policy decisions, Russian crude is now firmly embedded in India’s long-term energy procurement strategy.