Indian Oil-led refiners snap up 20 million barrels of Russian oil amid Iran war squeeze
Indian refiners, led by Indian Oil Corp. Ltd. are rushing to secure millions of barrels of prompt Russian crude as New Delhi scrambles to mitigate an energy crisis triggered by an escalating Iran war in the Middle East.
The refiners are pivoting back to Moscow’s barrels after US Treasury Department issued a surprise 30-day waiver on Thursday, according to a Reuters report that quoted at least six people aware of the matter. The temporary licence allows India to purchase Russian oil currently “stranded at sea”, providing a critical lifeline as traditional Gulf supply routes face disruption.
