India Has Bought 60 Million Barrels of Russian Oil for April

Indian refiners have bought about 60 million barrels of Russian oil for delivery next month, according to people familiar with the matter, easing supply concerns as the Middle East war chokes flows.Author of the article:You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Indian refiners have bought about 60 million barrels of Russian oil for delivery next month, according to people familiar with the matter, easing supply concerns as the Middle East war chokes flows. Subscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.The cargoes were booked at premiums of $5 to $15 a barrel to Brent, said the people, who asked not to be named due to the sensitivity of the trade. The volume is similar to the amount of purchases for this month, but more than double than that for February, according to data intelligence firm Kpler.The buying spree followed a US waiver that allowed India to take Russian oil that was already loaded onto vessels before March 5 to offset shortages caused by the effective closure of the Strait of Hormuz. The measure was subsequently expanded to include other countries and updated to allow purchases of crude already at sea before March 12.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.The South Asian nation is heavily reliant on imported oil, and became a major buyer of discounted Russian crude following the invasion of Ukraine in early 2022. However, India sharply cut back purchases from late last year under US pressure, turning instead to barrels from Saudi Arabia and Iraq, much of which then became trapped inside the Persian Gulf after the outbreak of the war. Officials in New Delhi expect the US waiver to be extended as long as disruptions in Hormuz persist, the people said. Refiners such as Mangalore Refinery & Petrochemicals Ltd. and Hindustan Mittal Energy Ltd., which had avoided Russian oil since December, have returned to the market, they said.In addition to buying more Russian oil, Indian processors are also looking elsewhere to diversify their supply as the war drags on. The country’s purchases of Venezuelan crude for April arrival are projected at 8 million barrels, the highest since October 2020, according to Kpler.Russia, meanwhile, is reaping bumper profits on renewed demand and elevated prices for its oil. The Kremlin is earning the most from its crude exports since March 2022, shortly after Moscow’s troops poured into Ukraine.Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.365 Bloor Street East, Toronto, Ontario, M4W 3L4© 2026 Financial Post, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transmission or republication strictly prohibited.This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.You can manage saved articles in your account.and save up to 100 articles!You can manage your saved articles in your account and clicking the X located at the bottom right of the article.