Will buy Russian oil despite US waiver expiring, provided it makes commercial sense: Official

Speaking to reporters at a fortnightly briefing on the situation in West Asia, Sujata Sharma, joint secretary in the Union Petroleum Ministry, told reporters: “We have bought (crude oil) from Russia before – before the exemption, during the exemptions and now too – it is basically (the) commercial sense that OMCs should be buying.” Photo credit: PIB

Two days after a second US exemption for Russian oil purchases expired, the government stressed that Indian oil marketing companies (OMCs) would continue to buy oil from Moscow if it was commercially viable.

Speaking to reporters at a fortnightly briefing on the situation in West Asia, Sujata Sharma, joint secretary in the Union Petroleum Ministry, told reporters: “We have bought (crude oil) from Russia before – before the exemption, during the exemptions and now too – it is basically (the) commercial sense that OMCs should be buying.”

In the wake of escalating tensions in West Asia, the US has granted a one-month waiver on oil purchases from Russia and Iran.

While Iran’s exemption expired in April, Russia’s exemption was extended for another month, expiring on the 16th.

With the latest exemption, India’s month-to-date imports of Russian crude rose to 1.96 million bpd as of May 15, compared with 1.57 million bpd in April, according to real-time data from marine analyst provider Kpler.

A surge in oil imports from Moscow shows that Indian refiners are scrambling to secure steady supplies from the country as supplies from West Asia languish amid uncertainty over the conflict.

Norway ready to deliver: Ambassador to India

Ambassador May-Elin Stener | Photo credit: RAGU R

Speaking to The Hindu on the sidelines of the Nordic Summit, Norwegian Ambassador May-Elin Stener said that amid the Russian situation, Oslo is ready to supply power to India.

“Well, we will discuss these issues (the expiration of the US exemption on Russian oil purchases) with India, and of course we also understand the needs of the fastest growing major economy in the world,” she said, adding: “What exactly the outcome would be, I cannot say now.”

Norwegian government data shows it exported 56.6 million barrels of oil in March, up 27.3% from the same period last year. It also exported 10.2 billion standard cubic meters of natural gas in the same period, albeit down 0.3% year-on-year.

Published – 18 May 2026 21:02 IST