US grants India 30-day waiver to buy stranded Russian oil amid Mideast tensions

• US Treasury Department grants India a special 30-day exemption to purchase Russian crude oil shipments stranded at sea.
• The move aims to ensure continuous global oil supply amidst rising Middle East tensions and potential supply chain disruptions.
• Indian refineries, including IOC, BPCL, HPCL, and MRPL, are negotiating and have purchased about 20 million barrels of Russian oil.
• Previously discounted Russian Urals crude is now offered at a premium of $4-5 per barrel over Brent for March/April shipments.
• Despite higher prices, Indian companies prioritize 'availability' to maintain crude stock amidst war uncertainty.