India locks 60 mn barrels of Russian crude for April

Indian refiners have secured 60 million barrels of Russian crude for April delivery — more than double February volumes. Cargoes were bought at premiums of $5-$15 per barrel above Brent — a sharp reversal from the steep discounts prevailing before the conflict. The purchases were enabled by the US Treasury sanctions waiver. MRPL and Hindustan Mittal Energy — which had avoided Russian crude since December — have returned to the market. Venezuelan crude purchases for April are projected at 8 million barrels, the highest since October 2020, according to Kpler. Reliance Industries separately purchased 5 million barrels of Iranian crude. Indian refiners are increasingly paying in UAE dirhams and Chinese yuan to reduce dollar exposure. Meanwhile, Saudi and Iraqi cargoes remain trapped inside the Persian Gulf. New Delhi expects the US waiver to be extended as long as Hormuz disruptions persist, said a report.

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