India buys 60 million barrels of Russian oil for April delivery amid supply strains
India buys 60 million barrels of Russian oil for April delivery amid supply strains
India secures about 60 million barrels of Russian crude for April, aided by a US waiver and diversification into Venezuela and Iran, easing supply worries amid Middle East tensions.
Indian refiners have bought about 60 million barrels of Russian oil for delivery in April, easing supply concerns as the Middle East conflict disrupts flows. The cargoes were booked at premiums of $5 to $15 a barrel to Brent, with the volume roughly the same as March and more than double February, according to data intelligence firm Kpler.
The purchases come as officials in New Delhi leverage a US waiver permitting imports of Russian crude loaded before March 12 to offset shortages, and refiners are diversifying further by looking to Venezuelan crude and other sources. Officials expect the waiver to be extended as long as disruptions in Hormuz persist.
Refiners such as Mangalore Refinery & Petrochemicals Ltd. and Hindustan Mittal Energy Ltd. have returned to Russian oil after avoiding it since December. In addition to Russian volumes, India is projecting about 8 million barrels of Venezuelan crude for April arrival, the highest since October 2020, according to Kpler, illustrating the country’s broader diversification drive.
India has been a major buyer of discounted Russian crude since the 2022 invasion, but reduced purchases under US pressure before turning to Saudi Arabia and Iraq. The latest spree underscores how New Delhi is balancing reliability and diversification amid a fragile global supply picture.
