Indian refiners seek legal view to buy sanctioned Russian oil under US waiver | Reuters
Indian Refiners Eye Sanctioned Russian Oil Amid Global Market Pressures
Indian state refiners have purchased at least 20 million barrels of prompt Russian oil loaded on vessels floating in international waters, according to Reuters. This move aims to help navigate the oil supply crunch triggered by the Middle East crisis.
The world’s third-biggest oil importer gets about 40% of its oil imports from the Middle East through the Strait of Hormuz. India was the top buyer of Russian seaborne crude after Moscow’s 2022 Ukraine invasion, but in January, its refiners started to reduce purchases under pressure from Washington.
Refiners Seek Legal Opinion on Sanctioned Oil Purchases
Indian refiners are seeking a legal opinion on how they can purchase sanctioned Russian oil after Washington granted New Delhi a waiver to buy crude stranded at sea. The U.S. on Thursday allowed Indian refiners a 30-day waiver from sanctions to buy Russian oil loaded on vessels as of March 5. Approval related to Russia’s oil sale to India is valid until April 4.
India‘s Energy Security Concerns
India has been hit by the stoppage of liquefied natural gas production by Qatar and the disruption to supplies from Abu Dhabi National Oil Co. The nation has cut gas supplies to industries, including fertiliser plants, refineries, and petrochemical plants. This has led to concerns about energy security.
India‘s Response
This source said India will take more steps if required to avoid any shortage of fuels, including gasoline and gasoil, in the country. The nation has already asked refiners to boost production of liquefied petroleum gas to avoid any shortage of cooking fuels in the country.
Reporting by Nidhi Verma; Editing by Jan Harvey
Original Article: Indian refiners seek legal view to buy sanctioned Russian oil under US waiver | Reuters — Reuters