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U.S. Waivers Spur Russian Oil Sales But Interest in Iran’s Crude Remains Low
Indian refiners secured 60 million barrels of Russian crude for April, doubling February imports amid supply concerns from Strait of Hormuz disruptions, Bloomberg reported.
- Indian refiners secured about 60 million barrels of Russian crude for April delivery, following a United States waiver that permits purchases of oil already loaded onto vessels.
- Broadened almost two weeks ago, the United States waiver aims to offset global supply shortages caused by the effective closure of the Strait of Hormuz.
- Russian crude held in tankers east of Suez diminished to about 13 million barrels on 18 tankers, while Indian firms settle transactions in yuan and dirham to reduce dollar exposure.
- Despite the United States having "unsanctioned" Iranian crude last Friday to lower oil prices, state-controlled Indian and Chinese refiners remain reluctant to purchase Iranian barrels.
- Sinopec president Zhao Dong said on Monday the firm "basically won't buy" Iranian crude, while Indian refiners face an April 11 expiration date on the Russian oil waiver.
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Times of IndiaReposted by 
The Economic Times
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
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Coverage Details
Total News Sources16
Leaning Left1Leaning Right5Center1Last UpdatedBias Distribution72% Right
Bias Distribution
- 72% of the sources lean Right
72% Right
14%
14%
R 72%
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