Whalesbook
India Formalizes Waiver Request to US
India has formally asked the United States to extend its waiver that permits certain imports of Russian crude oil. This crucial request comes as escalating tensions between the U.S. and Iran continue to shake global energy markets and raise concerns over fuel supply security.
Indian Refiners Boost Russian Crude Purchases
Indian refiners have significantly increased their purchases of Russian crude oil ahead of the waiver's expiration on May 16. Data from commodity tracking firm Kpler shows Indian purchases of Russian crude in May have reached record levels, averaging over two million barrels per day so far. This surge occurred despite Washington previously encouraging India to gradually reduce its reliance on discounted Russian oil, a move linked to broader sanctions pressure over the Ukraine war.
New Delhi Prioritizes Energy Security Amid Volatility
New Delhi has informed its U.S. counterparts that maintaining uninterrupted energy access is vital, especially with the conflict in West Asia showing no signs of abating. While Russian oil exports are not under a complete U.S. ban, the waiver has been essential for India's energy security and economic stability. In March, India's imports of Russian crude reached approximately 2.25 million barrels per day, nearly doubling February levels and accounting for about half of the nation's total oil imports that month. India has become a major buyer of Russian crude since 2022, second only to China, and is the largest purchaser of Russia's Urals grade oil.