Russian Oil Update: India Buys 30M Barrels of Oil After US Waiver Amid Middle East Supply Disruption

Описание: Bloomberg reports that India has purchased 30 million barrels of Russian oil following a US waiver granted to help the country address a shortfall in Middle Eastern oil supply. According to the report, Indian refiners, including Indian Oil Corporation and Reliance Industries, bought all unsold Russian crude available in the spot market after the waiver was issued. The purchases come after India had been reducing its reliance on Russian oil in response to US pressure, substituting it with supplies from Saudi Arabia and Iraq. However, the widening conflict in the Middle East disrupted those supplies, closing key shipping routes. The oil purchased includes various Russian grades such as Urals, Espo, and Varandai, now trading at premiums to benchmark prices. Indian Oil bought 10 million barrels, while Reliance purchased at least an equivalent amount. The US waiver covers Russian crude loaded before 5th March and delivered to Indian firms.

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