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Premium Russian Urals Fuel India and Asia’s Energy Needs: Expert
Premium Russian Urals Fuel India and Asia’s Energy Needs: Expert
Sputnik India
Indian refiners have bought over 25 million barrels of Russian crude set for delivery in March after Iran's retaliatory attacks in and around Strait of Hormuz, market sources told Sputnik India.
2026-03-11T12:02+0530
2026-03-11T12:02+0530
2026-03-11T12:02+0530
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The Urals-grade Russian crude is fast filling-up India's and other Asian nations' demand gap for oil, while being offered at a premium around $4–5 per barrel to ICE Brent March futures, Arpit Chandna, Energy Specialist at London Stock Exchange Group (LSEG), told Sputnik India on Tuesday.Reliance Industries Limited (RIL), the owner of world's largest Jamnagar refinery complex, bought around 6 million barrels of Russian crude from the floating storages off Singapore, Reuters reported on Monday.Brent futures eased to around $88 per barrel on Tuesday, after US President Donald Trump stated that he would take sanctions off certain countries till crude prices stabilise. On Monday, crude was trading at $120 a barell, the highest since 2022. Last week, the US Treasury Secretary Scott Bessent announced a 30-day waiver on sanctions on Russian oil supplies to India.The US waiver for India was aimed at stabilising the market balance and enable the clearance of Russian crude held in floating storages across Asia, mainly in the Red Sea region and around Singapore, the energy specialist said.The LSEG Specialist projected that Russian diesel exports routed through Primorsk for 1-10 March period would rise 13% month-on-month, adding that American waiver was largely responsible for "already contributing to higher Russian export volumes into Asia. At a meeting with Russian energy executives at the Kremlin on Monday, President Vladimir Putin urged them to take advantage of sky-rocketing commodities prices to reduce their debt, noting that the Strait of Hormuz has been "effectively closed" down.Meanwhile, in a statement to the Parliament on Monday, the Indian Foreign Minister S Jaishankar described the issue of energy security as an "overriding priority" for the government."Government remains committed to ensuring that fully, taking into account the availability, costs and risks of the energy markets," Jaishankar told the Parliament.Bharatiya Janata Party (BJP) politician Savio Rodrigues told Sputnik India that India's energy policy has always been guided by national interest rather than geopolitical pressure, while noting that New Delhi has never completely stopped purchasing Russian crude.He described Russia as a "reliable supplier" to India during periods when others weaponised energy and financial systems.
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Premium Russian Urals Fuel India and Asia’s Energy Needs: Expert
The restoration of Russian Urals flow, following the recent 30‑day US waiver, keeps Asia well‑stocked amid the ongoing energy crunch, Energy Specialist at London Stock Exchange Group (LSEG) told Sputnik India.
The Urals-grade Russian crude is fast filling-up India's and other Asian nations' demand gap for oil, while being offered at a premium around $4–5 per barrel to ICE Brent March futures, Arpit Chandna, Energy Specialist at London Stock Exchange Group (LSEG), told Sputnik India on Tuesday.
"Despite selling at higher prices, Asian importers such as India and China are still likely to rely on Russian supplies to fill near‑term supply gaps. China’s customs data shows crude oil imports rose 15.8% year on year in the first two months of 2026, supported by high refinery runs and increased stockpiling," said Chandna.
Reliance Industries Limited (RIL), the owner of world's largest Jamnagar refinery complex, bought around 6 million barrels of Russian crude from the floating storages off Singapore, Reuters reported on Monday.
Brent futures eased to around $88 per barrel on Tuesday, after US President Donald Trump stated that he would take sanctions off certain countries till crude prices stabilise. On Monday, crude was trading at $120 a barell, the highest since 2022. Last week, the US Treasury Secretary Scott Bessent announced a 30-day waiver on sanctions on Russian oil supplies to India.
“Soaring crude prices are triggering a global energy crunch, with the closure of the Strait of Hormuz hitting Asia the hardest. Recent geopolitical moves—such as the US granting a 30‑day waiver on Russian crude sanctions—reflect efforts to keep global supplies flowing amid Middle East disruptions. The waiver appears aimed at stabilising market balances and clearing Russian Urals barrels already in floating storage in Asia," Chandna explained.
The US waiver for India was aimed at stabilising the market balance and enable the clearance of Russian crude held in floating storages across Asia, mainly in the Red Sea region and around Singapore, the energy specialist said.
"In parallel, Saudi Arabia is attempting to offset supply disruptions by rerouting exports through the Red Sea, while additional cargoes are being loaded from Russia’s Novorossiysk port," Chandna added.
The LSEG Specialist projected that Russian diesel exports routed through Primorsk for 1-10 March period would rise 13% month-on-month, adding that American waiver was largely responsible for "already contributing to higher Russian export volumes into Asia.
At a meeting with Russian energy executives at the Kremlin on Monday, President Vladimir Putin urged them to take advantage of sky-rocketing commodities prices to reduce their debt, noting that the Strait of Hormuz has been "effectively closed" down.
Meanwhile, in a statement to the Parliament on Monday, the
Indian Foreign Minister S Jaishankar described the issue of
energy security as an "overriding priority" for the government.
"Government remains committed to ensuring that fully, taking into account the availability, costs and risks of the energy markets," Jaishankar told the Parliament.
Bharatiya Janata Party (BJP) politician Savio Rodrigues told Sputnik India that India's energy policy has always been guided by national interest rather than geopolitical pressure, while noting that New Delhi has never completely stopped purchasing Russian crude.
"If easing of US sanctions allows Indian refiners to access Russian crude, it is a pragmatic opportunity India should utilise. The volatility caused by the US-Iran conflict has once again exposed how fragile global energy markets are," the BJP politician stated.
He described Russia as a "reliable supplier" to India during periods when others weaponised energy and financial systems.
"For India and much of the Asia-Pacific, diversified supply sources are essential for energy security. Russian crude therefore becomes an important stabilising option, helping large economies like India manage inflation, fuel costs and economic growth without being hostage to geopolitical disruptions," the BJP politician concluded.
