India Secures 60 Million Barrels Of Russian Oil For April As Hormuz Disruptions Hit Gulf Supplies: Report Indian refiners have agreed to purchase around 60 million barrels of Russian crude oil for delivery in April, reflecting a sharp rise in imports as the nation grapples with supply disruptions caused by escalating tensions in the Middle East. The contracted volumes represent a doubling of February’s imports and align with March’s purchase levels, underscoring India’s efforts to secure energy supplies amid growing uncertainties. The increased procurement of Russian oil follows a temporary policy shift by the U.S. Treasury Department, which initially permitted Indian refiners to take delivery of Russian crude already loaded on ships before March 5. This deadline was later extended to March 12, allowing Indian buyers to capitalize on the opportunity. The decision came amid disruptions to oil shipments from Saudi Arabia and Iraq, as Iran intensified attacks on vessels in the Strait of Hormuz, a critical chokepoint for global oil trade. Indian companies reportedly paid premiums of between five and 15 dollars per barrel for Russian crude, a stark contrast to the heavy discounts typically seen in Asian markets. This surge in prices reflects the urgency of securing supplies amid the crisis. Refiners scrambled to lock in Russian barrels, paying premiums of two to eight dollars above the Brent crude benchmark to ensure uninterrupted supply chains. Beyond Russian oil, India has expanded its energy diversification strategy. Purchases from Venezuela are expected to reach eight million barrels in April, the highest volume since October 2020. The conflict has severely impacted India’s access to oil via the Strait of Hormuz, through which the country usually receives 40 to 50 percent of its imports.#iran #india #strait_of_hormuz #us_treasury #russian_oil
