India's imports of Russian oil have surged to a record 2.3 million barrels per day in May, driven by a US waiver that permits the purchase of already-loaded Russian oil. This waiver, initially issued on March 5, is set to expire on May 16, prompting Indian refiners to secure as much oil as possible before the deadline. The ongoing conflict in Iran has disrupted oil flows from the Persian Gulf, complicating India's position as the third-largest crude importer. Major state refiners, including Indian Oil Corporation and Bharat Petroleum Corporation, are proactively sourcing crude from West Africa and the US to diversify their supply chains and reduce reliance on Persian Gulf imports. Brent crude oil prices have seen a significant increase, rising 78% this year and trading above $108 a barrel. If the waiver is not extended, Indian refiners may have to turn to more expensive spot markets, impacting overall oil costs in the country.