India Buys 30 Million Barrels of Russian Oil After US Waiver

Indian refiners have bought about 30 million barrels of Russian oil since the US provided a green light for purchases to help the country cope with a shortfall of Middle Eastern supply, according to people with knowledge of the deals.

India had been winding down its purchases of Russian oil since last year in response to US pressure, filling the gap with replacement barrels from Saudi Arabia and Iraq — only to find supplies cut off by a widening conflict in the Middle East. The Strait of Hormuz, which connects the region’s major producers to the rest of the world, has been effectively closed since US and Israeli strikes on Iran began.