Oil Prices Ease Slightly After US Temporarily Allows Countries to Buy Russian Crude

New Delhi — Global crude oil prices edged lower on Friday after the United States announced a temporary 30-day waiver permitting countries to purchase Russian oil that is already in transit.

Benchmark Brent crude was trading at $99.99 per barrel, down 0.47 per cent, while West Texas Intermediate (WTI) fell 0.67 per cent to $95.09 per barrel.

Announcing the move, US Treasury Secretary Scott Bessent said the temporary authorisation aims to ensure that oil shipments already at sea can reach buyers. Writing on X, he explained that the measure would help increase global supply without significantly boosting Russia’s revenues.

According to Bessent, the waiver allows countries to purchase Russian crude and petroleum products that were loaded onto vessels on or before 12:01 a.m. Eastern Daylight Time on March 12. He described the step as a limited, short-term measure meant to stabilise supply in global markets.

He added that while oil prices may rise briefly due to ongoing disruptions, the situation is expected to benefit the US economy in the long run.

Earlier this week, the US also announced the release of 172 million barrels of crude oil from its strategic petroleum reserves to ease supply pressures.

Meanwhile, India has assured that its crude oil supply remains secure despite disruptions in the Strait of Hormuz, a key global oil transit route.

Union Petroleum and Natural Gas Minister Hardeep Singh Puri said India has already secured alternative supplies that exceed the volumes normally shipped through the Hormuz route. Before the current crisis, nearly 45 per cent of India’s crude imports passed through the strait.

He noted that India has significantly increased sourcing from routes outside Hormuz, with non-Hormuz imports rising to around 70 per cent, compared to 55 per cent before the conflict.

Puri also highlighted that India now imports crude oil from 40 countries, compared with 27 in 2006-07, a diversification that has strengthened the country’s energy security. He added that Indian refineries are currently running at high utilisation levels, with some operating above 100 per cent capacity.

With inputs from IANS