19-May-2026
Economy News
 
India to keep buying Russian oil despite US waiver expiry; OMC losses still at Rs 750 crore/day
19-May-2026

India has been purchasing Russian oil irrespective of the US sanctions waivers and will continue to do so based on commercial viability and energy security requirements, a senior official said on Monday. The move confirms that New Delhi won’t sharply alter its crude sourcing strategy despite the expiry of a temporary US waiver and continuing geopolitical tensions in West Asia. The government’s stance comes at a time when disruptions around the Strait of Hormuz, elevated crude prices, surging freight costs and mounting under-recoveries at state-run oil marketing companies (OMCs) are increasing pressure on India’s energy import bill and fuel supply management.

News Source:- https://www.financialexpress.com/business/news/india-to-keep-buying-russian-oil-despite-us-waiver-expiry-omc-losses-still-at-rs-750-croreday/4244220/?ref=hometop_hp