India Seeks Russian Oil Amid West Asia Supply Crisis
Image Source: Internet
Indian refiners have snapped up 30 million barrels of Russian oil since the US granted a waiver, helping the country cope with a shortfall of West Asia supply.
Refiners, including Indian Oil and Reliance Industries, have bought all unsold cargoes of Russian crude in the spot market since the waiver was granted late last week.
Russian crude has been offered at premiums of $2-$8 a barrel to London's Dated Brent benchmark, with state-owned Indian Oil purchasing around 10 million barrels and Reliance purchasing at least as much.
The US waiver covered transactions related to Russian crude oil and petroleum products loaded onto vessels before March 5, so long as it's delivered to India and purchased by an Indian firm.
