US EditionIndia Snaps Up 60 Million Barrels of Russian Crude for April Delivery
Indian refiners secured about 60 million barrels of Russian crude for April at premiums amid supply disruptions and U.S. sanction waivers, doubling February purchase volumes.
- Indian refiners secured around 60 million barrels of Russian oil for April-bound delivery, easing supply shortages caused by the effective closure of the Strait of Hormuz.
- The United States issued a waiver for crude loaded before March 5, allowing India to resume purchases after scaling back imports due to previous United States pressure.
- Indian banks are settling transactions in Chinese currency at premiums of $5 to $15 per barrel to Brent, reducing reliance on the dollar amid geopolitical tensions.
- The Kremlin is earning its highest crude export income since 2022, while Indian processors are purchasing 8 million barrels of Venezuelan oil to diversify energy sourcing.
- Deutsche Bank noted on Tuesday that the conflict is testing the Petrodollar's role in global oil trade, as the current United States waiver for Indian refiners expires April 11.
12 Articles
12 Articles
Times of India
The Economic TimesIndia buys 60 million barrels of Russian oil for April
Indian refiners are boosting Russian oil imports by 60 million barrels next month, a significant jump to counter Middle East supply disruptions. This move, facilitated by a US waiver, sees major players like Mangalore Refinery returning to Russian crude. The nation is also increasing Venezuelan oil purchases, as Russia enjoys renewed export profits.
India Snaps Up 60 Million Barrels of Russian Crude for April Delivery
Indian refiners have struck deals for the purchase of some 60 million barrels of Russian crude oil, to be delivered in April, Bloomberg reported today, citing unnamed sources familiar with the developments. The cargoes were snapped at premiums of between $5 and $15 per barrel, the sources noted, suggesting the thirst for Russian oil in the world’s third-largest importer remains strong despite the swing from heavy discounts to a premium to the gl…
Coverage Details
Bias Distribution
- 66% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
