India has never depended on permission from any country to buy Russian oil, a government official said in response to the 30-day window the US opened on Friday for Indian refiners to import floating Russian volumes.
“India is still importing Russian oil, even in February 2026, and Russia is still India’s largest crude oil supplier,” the official said. “Therefore, suggesting a short-term waiver ‘enables’ these purchases overlooks that the trade has continued consistently.”
The Iran war and the effective closure of the Strait of Hormuz have curtailed a major source of oil and gas supplies to the global market, bringing in sharp focus the Russian supplies that can partly replace the lost Gulf supplies for India.
Alternative sources
“US Treasury Secretary Scott Bessent announced a 30-day waiver permitting Indian refiners to continue purchases of Russian oil, explicitly describing India as an essential partner,” the official said. “The waiver removes a friction that was never in anyone’s interest to sustain — and it recognises the stabilising role India’s refining and procurement capacity has played in global energy markets.” The US statements on waiver “are for their domestic audience,” the official said, without elaborating. India is continuing to source alternative oil and gas supplies after the effective closure of the Strait of Hormuz and maintains sufficient supplies to handle current challenges, he added. “India is well stocked with crude oil, petrol, diesel, ATF, LPG, and LNG, with sufficient inventories to handle short-term disruptions.”
India has over 250 million barrels of crude oil and refined petroleum products combined, which should be sufficient for 50 days of domestic consumption, according to the official. He also said that many countries, including Australia and Canada, have offered additional gas supplies.
After the shutdown of the world’s largest LNG facility in Qatar, imports of LNG are down 60%, prompting gas marketers to cut supplies to industrial customers in India. Imports make up half of domestic consumption.
