00:00In other news, the U.S. Treasury Department has issued a 30-day waiver
00:05allowing India to buy Russian oil currently stranded at sea
00:09as the Middle East crisis disrupts global crude supplies.
00:13Treasury Secretary Scott Besson says the move is a short-term step
00:17aimed at keeping oil flowing into global markets.
00:22In a post on X, Treasury Secretary Scott Besson said the waiver
00:26would not provide significant financial benefit to Moscow.
00:30Because it only applies to Russian oil shipments already at sea.
00:33He described the move as a stopgap measure
00:36as Washington expects India to eventually increase purchases of U.S. crude.
00:41India sources about 40% of its oil imports from the Middle East.
00:46Much of it shipped through the Strait of Ormuz.
00:48With supplies from the region disrupted by the Iran war,
00:52refiners in India have reportedly begun tapping Russian oil from tankers
00:56waiting off the country's coast.
00:57India is currently estimated to have crude stocks covering about 25 days of demand.
Comments