India has purchased about 30 million barrels of Russian crude oil after the United States issued a temporary waiver allowing such transactions amid disruptions in global energy supply linked to the ongoing conflict in West Asia. The tensions in the region have affected shipping routes and raised concerns over crude availability, particularly through the strategically important Strait of Hormuz.
The waiver granted by the US Treasury permits Indian refiners to buy Russian crude that had already been loaded onto ships before March 5 and had effectively become stranded at sea due to sanctions and market disruptions. The exemption is valid for 30 days and is aimed at stabilising global energy markets during the current crisis. Several cargoes that had not yet been committed to buyers were quickly secured by Indian refiners after the announcement.
Major refiners including Indian Oil Corporation and Reliance Industries were among the buyers. Around 10 million barrels were purchased by Indian Oil, while Reliance acquired a similar volume, according to traders. The cargoes included Russian crude grades such as Urals, ESPO and Varandey. Some vessels carrying the oil were already in Asian waters and redirected toward Indian ports after the waiver was issued. The cargoes were reportedly sold at premiums of 2 dollars to 8 dollars per barrel above the London dated Brent benchmark, reflecting tighter supply conditions and heightened competition for available cargoes. |
