India has purchased 60 million barrels of Russian oil for supply in April.

According to informed sources, Indian oil refiners have purchased approximately 60 million barrels of Russian oil, which will be delivered next month, easing concerns about the interruption of oil supply due to the Middle East conflict. The booking price for this crude oil is $5 to $15 per barrel higher than the Brent crude oil price. According to the data intelligence company Kpler, the amount of this purchase is similar to the same period this month, but more than doubled compared to February. This buying frenzy is due to a waiver granted by the United States, allowing India to purchase Russian crude oil that has been loaded before March 5 to compensate for the actual oil shortage caused by the closure of the Strait of Hormuz. Subsequently, the scope of this waiver was expanded to other countries, and updated to allow the purchase of crude oil that has been transported at sea before March 12.