India's crude oil imports surge as geopolitical tensions reshape global energy markets. Indian refiners have purchased approximately 60 million barrels of Russian oil for April delivery, marking a significant increase from February levels and matching March volumes. The cargoes were acquired at premiums of five to fifteen dollars per barrel above Brent pricing. This buying surge follows a US waiver permitting India to purchase Russian crude already loaded onto vessels before March 12, offsetting supply disruptions caused by Middle East conflict affecting the Strait of Hormuz. Major Indian refiners including Mangalore Refinery and Hindustan Mittal Energy, which had avoided Russian oil since December under American pressure, have returned to the market.
