Global oil prices saw a slight decrease on Friday following the US decision to grant a 30-day waiver allowing all countries to buy Russian oil. Brent crude was trading at $99.99 per barrel, down 0.47%, while West Texas Intermediate (WTI) dropped 0.67% to $95.09 per barrel. US Treasury Secretary Scott Bessent announced the temporary authorization for countries to purchase Russian oil already at sea to enhance global supply.
The waiver specifically applies to Russian-origin crude oil and petroleum products loaded on vessels before March 12. The US Treasury clarified that this measure is short-term and limited to oil in transit, aiming to avoid significant financial benefits to the Russian government. Despite the temporary rise in oil prices, officials believe it will lead to long-term benefits for the nation’s economy.
In response to the situation, the Indian government assured that its crude supply remains secure, surpassing what would have been received via the disrupted Hormuz route. India has diversified its crude imports from 27 countries in 2006-07 to 40 countries currently, ensuring a stable supply chain. Refineries in India are operating at high capacity utilization, with some even exceeding 100%.
