India seeks temporary US approval to buy Russian oil amid shipping crisis
India is requesting temporary permission from the United States to purchase Russian oil after shipping disruptions through the Strait of Hormuz caused the country to lose about half of its oil import routes. This is a crucial measure to maintain the country's energy security.
The shortage of maritime routes forced India to drastically reduce its Russian oil purchases, dropping to just over 1 million barrels per day in February—the lowest since September 2022. Meanwhile, China is strengthening its leading position in the oil market. Europe’s and India’s efforts to diversify supply sources have turned out to be less effective than anticipated.
Despite current challenges, the global oil market remains fluid, and upcoming negotiations between India and the US, as well as shifts in global oil purchase patterns, will be important to monitor.
