India buys 30 million barrels of Russian oil after US ‘waiver’ – Bloomberg
India has purchased 30 million barrels of oil from Russia following a US sanctions waiver, Bloomberg has reported.
The US granted India a 30-day waiver to purchase oil from Russia last week, aimed at ensuring stability in the global oil market following the US-Israeli attack on Iran.
New Delhi had been gradually reducing its purchases of Russian oil since last year. It was procuring replacements from Saudi Arabia and Iraq, but the supplies were disrupted since last week.
Refiners, including the Indian Oil Corporation and Reliance, have scooped up all unsold cargoes of Russian crude from the spot market, the Bloomberg report noted.
Nearly 10 million barrels of Russian crude was bought by the state-backed Indian Oil Corporation, while Reliance purchased a similar quantity.
The US had granted a waiver for purchases of Russian crude oil and petroleum products loaded on vessels before March 5, according to the report.
New Delhi ramped up purchases of Russian oil after the Ukraine conflict began in early 2022, buying almost 2 million barrels a day during its peak in 2024. Procurement dropped to 1.06 million barrels in February, the report said.
In a related development, India has decided not to join the International Energy Agency’s (IEA) initiative to release strategic oil reserves, Economic Times reported.
New Delhi has 5.33 million tons of underground strategic reserves. India is the third largest oil importer and consumer in the world.
After the Middle East conflict began, crude prices soared to nearly $120 per barrel, the highest in four years. The surge has forced G7 nations to schedule a discussion on releasing reserves to calm oil prices.
