Will buy Russian oil despite U.S. waiver expiry provided it makes commercial sense: Official
India's oil-marketing companies will continue to purchase Russian crude oil despite the expiration of the U.S. waiver, provided it is commercially viable. The Indian government emphasized that oil imports from Russia surged recently, reflecting a need for stable supplies amid uncertainties in West Asia. Norway has expressed readiness to supply energy to India in light of the current situation.
- ▪India's oil imports from Russia increased to 1.96 million barrels per day as of May 15.
- ▪The U.S. waiver on Russian oil purchases expired on May 16, after being extended for a month.
- ▪Norwegian Ambassador stated that Norway is ready to discuss energy supplies with India.
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Two days after U.S.’ second waiver on Russian oil purchases expired, the government emphasised that India’s oil-marketing companies (OMCs) would continue purchasing crude from Moscow should they be commercially viable.Speaking to reporters at the bi-weekly briefing on the situation in West Asia, Sujata Sharma, Joint-Secretary at the Union Petroleum Ministry told reporters, “We have been purchasing [crude oil] from Russia earlier - before the waiver, during the waiver and now also – it is basically [that] commercial sense which should be there for OMCs to purchase.”In the wake of the escalating tensions in West Asia, the U.S.
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