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Market Chatter: India Requests US Permission to Keep Buying Russian Oil as Iran War Persists

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India has requested that the US extend a waiver enabling it to buy oil from Russia, Bloomberg reported on Thursday, a step necessary to avoid a US import tariff threat made prior to the Iran war, to curb Russian oil income that funds war in Ukraine.

The article cited unnamed sources with knowledge of the request and said the current waiver issued in March expires on May 16.

Indian officials say that the measure is necessary due to the surge in oil prices and their volatility, which is having an impact on the population of the world's most populous country, including a shortage of cooking gas.

The request comes almost 11 weeks into the Iran war which has effectively closed off the Strait of Hormuz waterway through which about 20% of the world's oil and gas travelled to reach importers, most of which are Asian countries.

has contacted India's Ministry of Petroleum and Natural Gas and the US Treasury, which oversees economic sanctions, to seek comment.

The article notes that Indian imports of Russian oil have been at record levels as refiners seek to maximize supplies before the end of the current waiver.

In May, volumes have averaged 2.3 million barrels per day, Kpler said, according to the Bloomberg article, while it expects them to average 1.9 million barrels a day for the full month.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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EMEA Natural Gas Update: Futures Flat Amid Ongoing US-Iran Stalemate in Hormuz

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Market Chatter: Global Refining Output Deals Biggest Blow in Years due to Iran, Ukraine Wars

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