Indian refiners have begun purchasing stranded Russian crude oil cargoes following a US Treasury waiver, as disruptions in the Strait of Hormuz threaten Middle Eastern supplies.
India will scale down direct Russian crude imports from late November as US sanctions on Rosneft and Lukoil take effect. Reliance, MRPL, and HPCL-Mittal have halted purchases, triggering a sharp decline in December arrivals, with gradual recovery expected via intermediaries
