India Set to Scale Back Russian Oil Imports If US Waiver Lapses

Indian oil refiners may be forced to scale back imports of Russian crude if a US sanctions waiver is not extended beyond this weekend, with local processors grappling with the fallout from the Iran war.

The US hasn’t clarified whether it will extend the waiver allowing countries including India to continue buying the barrels after May 16, according to people familiar with Indian refiners’ outlook, who asked not to be named due to the sensitivity of the matter. If it isn’t, local processors could be forced to source alternative and pricier spot barrels from elsewhere, they said.