New Delhi: India has purchased around 60 million barrels of crude oil from Russia for delivery next month as global supply chains face strain due to disruptions in West Asia. The move comes as shipping through the Strait of Hormuz remains restricted, creating uncertainty in energy markets.
The crude cargoes were reportedly booked at premiums ranging from 5 to 15 dollars per barrel above the Brent crude oil benchmark. The volume is broadly similar to India’s purchases for the current month but is more than double the quantity acquired in February, reflecting rising demand and tightening supply conditions.
The increased purchases were made possible after the United States granted a waiver allowing countries to receive Russian oil shipments that had already been loaded before early March. The exemption was later expanded to include cargoes already at sea before March 12 and was extended to additional countries affected by disruptions in maritime routes.
Indian refiners such as Mangalore Refinery and Petrochemicals Limited and Hindustan Mittal Energy Limited have resumed buying Russian crude after largely reducing such imports since December amid international pressure. In recent months, India had shifted to sourcing oil from Saudi Arabia and Iraq. However, escalating tensions in the region caused many cargoes to remain stuck in the Persian Gulf, tightening supply and prompting refiners to revisit Russian supplies.
India had previously emerged as one of the largest buyers of discounted Russian crude. With renewed demand and rising global oil prices, Russia’s revenues from crude exports have reportedly reached their highest level since the early months of the Ukraine conflict.
At the same time, India is exploring additional supply sources to reduce dependence on specific regions. Imports of Venezuelan crude are expected to reach about 8 million barrels in April, marking the highest level since 2020 and reflecting efforts to diversify energy procurement.
Despite market volatility, fuel shipments continue to reach Indian ports. Oil tankers and liquefied petroleum gas carriers have recently arrived at key ports including New Mangalore Port and Adani Ports facilities in Gujarat, ensuring continued inflow of energy supplies while authorities monitor the evolving geopolitical situation.
