Media: India purchases 60 million barrels of Russian oil

Indian refineries have bought around 60 million barrels of oil from Russia for April delivery, following U.S. Treasury approvals for the transactions, Bloomberg reports, citing informed sources.

Sources said the purchases include refineries such as Mangalore Refinery & Petrochemicals and Hindustan Mittal Energy, which had avoided direct Russian supplies since December. The shipments were booked at a premium of $5–$15 per barrel. The volume matches usual monthly deliveries but is double that of February.

Indian authorities expect the U.S. approvals for Russian oil purchases to remain valid while supply disruptions from the Strait of Hormuz continue. Meanwhile, Indian refineries are seeking alternative sources to diversify, including increased supplies from Venezuela.

In early March, the U.S. Treasury allowed India to purchase Russian oil until April 4, provided it was loaded onto tankers by March 5. The Treasury later extended the deadlines, permitting oil loaded by March 12 to be purchased until April 11. According to S&P Global Commodities at Sea, Russian oil shipments to India in March rose 27% compared with February, reaching 1.4 million barrels per day.