- India has stated it will continue to purchase Russian crude oil, irrespective of the US sanctions waiver's expiration on 16 May.
- The temporary US sanctions waiver, initially introduced to stabilise global energy markets following disruptions from the Iran war, was not extended despite India's request.
- India's imports of Russian oil reached record levels, with daily inflows hitting 2.3 million barrels per day in early May, driven by significant disruptions to Middle Eastern supplies.
- The Iran war has drastically altered global oil dynamics, causing Middle Eastern crude supply to India to plunge by 61 per cent in March, while Russian supply nearly doubled.
- Russia has been India's primary crude supplier since 2022, benefiting from Western sanctions on Moscow that led to discounted oil offers, and now from the increased profitability due to the Iran war.
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