Indian Refiners Secure 60 Million Barrels of Russian Crude Amid Global Supply Strain Indian refiners have secured approximately 60 million barrels of Russian crude oil to ensure supply stability amid ongoing disruptions in global oil markets. The purchases, which include contracts signed at premiums of $5 to $15 per barrel over Brent crude, reflect efforts to secure energy supplies amid tensions in the Middle East and the closure of key shipping routes like the Strait of Hormuz. This volume is comparable to current-month imports but exceeds February levels, according to data intelligence firm Kpler. The decision follows a U.S. waiver allowing India to import Russian oil, which was initially issued to address supply constraints caused by the Strait of Hormuz crisis. The waiver was later expanded to include additional countries, permitting crude already at sea before March 12 to be purchased. India, which relies heavily on oil imports, has increasingly turned to Russian crude since the Russia-Ukraine conflict in 2022. However, purchases were previously scaled back due to U.S. pressure, prompting refiners to source oil from Saudi Arabia and Iraq. Many of those shipments, however, remained within the Persian Gulf after the escalation of recent conflicts. Indian officials expect the U.S. waiver to remain in effect as long as disruptions in the Hormuz route persist. Refiners such as Mangalore Refinery & Petrochemicals Ltd. and Hindustan Mittal Energy Ltd., which had avoided Russian supplies since December, have resumed participation in the market. At the same time, Indian refiners are diversifying their sourcing strategies to mitigate risks from global supply uncertainties.#strait_of_hormuz #kpler #indian_refiners #russian_crude #mangalore_refinery_petrochemicals_ltd
