00:00India has purchased around 30 million barrels of unsold Russian crude
00:05after the U.S. granted a 30-day waiver.
00:07According to Bloomberg, Indian refiners moved quickly to secure the cargoes,
00:12many already stationed in Asian waters,
00:14as disruptions hit oil flows from the Middle East.
00:19The waiver allows Indian firms to buy Russian oil loaded onto ships before March 5,
00:25in a move aimed at easing supply pressures from the conflict.
00:28The shift back to Russian supplies comes amid uncertainty over how long the conflict may last.
00:34Oil prices surge to nearly $120 a barrel on Monday over supply fears,
00:39before falling below 90 after U.S. President Donald Trump claimed that the war could end soon.
00:45With the crisis driving a surge in demand for Russian energy,
00:49the Kremlin has positioned itself as a reliable supply source.
00:52But once sold at deep discounts, Russian crude is now trading at higher prices,
00:57with some reports suggesting it is even commanding premiums above benchmarks.
01:02Despite this, European Commission President Ursula von der Leyen warned that
01:06returning to Russian fossil fuels would be a strategic mistake for Europe,
01:10as it plans for measures to lower energy prices.
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