- By Kamakshi Bishnoi
- Tue, 10 Mar 2026 08:24 PM (IST)
- Source:JND
Indian refiners have purchased around 30 million barrels of Russian crude oil after the United States granted a temporary waiver allowing such transactions to help India manage supply disruptions caused by the escalating conflict in the Middle East, according to people familiar with the matter.
The move comes as India faces reduced oil supplies from key Gulf producers following the closure of the Strait of Hormuz, a major global energy transit route, amid ongoing hostilities involving Iran, the US and Israel.
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Since the waiver was issued late last week, Indian refiners, including Indian Oil Corporation and Reliance Industries, have bought available Russian crude cargoes from the spot market. Traders said the cargoes were already loaded but had not yet been committed to buyers, with many shipments located in Asian waters.
Russian crude grades such as Urals, ESPO and Varandey were reportedly offered at premiums of USD 2 to USD 8 per barrel over the Dated Brent benchmark, a shift from earlier months when Russian oil was sold at discounts before the Middle East conflict intensified.
Of the total purchases, around 10 million barrels were acquired by state-owned Indian Oil, while Reliance Industries bought at least a similar quantity, traders said. Neither company immediately respond to requests for comment.
The US waiver allows transactions involving Russian crude and petroleum products loaded on vessels before March 5, provided the shipments are delivered to India and purchased by Indian firms.
Following the waiver, some oil tankers that had earlier changed course away from the Indian subcontinent have turned back toward Indian ports. Tankers, including Maylo and Sarah, which had earlier indicated Singapore as their destination, have recently altered their routes to head toward India.
India significantly increased purchases of Russian crude after the Russia-Ukraine conflict began in 2022, though imports had gradually declined last year amid pressure from Washington. At its peak in mid-2024, India was importing more than 2 million barrels per day of Russian oil, but the figure dropped to around 1.06 million barrels per day in February, according to data intelligence firm Kpler.