India Grabs Russian Oil Before Waiver Expiry as Market Tightens

Indian imports of Russian oil have been running at a record pace as refiners go all out before a US waiver expires, with processors also broadening their slate of suppliers to cope with the Iran war’s fallout.

So far in May, daily inflows have totaled an unprecedented 2.3 million barrels, according to Kpler data, as the waiver allowed imports of already-loaded Russian oil. Full-month flows may come in at a still-substantial 1.9 million barrels a day, Kpler’s predictive data shows.