US Allows India to Refine Stranded Russian Oil to Stabilise Global Energy Markets

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US Allows India to Refine Stranded Russian Oil to Stabilise Global Energy Markets

The United States has temporarily allowed India to refine Russian oil stranded at sea to quickly boost global supply. The move aims to stabilise oil prices amid tensions and potential disruptions in the Strait of Hormuz.

Published by Abhishek Swain | March 07, 2026

The United States has introduced a temporary policy allowing India to refine Russian oil that has been stranded on ships around southern Asia. The decision is intended to quickly release additional oil into the global market and help stabilise energy prices during a period of geopolitical tension in West Asia.

US Energy Secretary Chris Wright said the measure is a short-term step designed to address immediate supply concerns caused by disruptions linked to the Strait of Hormuz, a critical route for global oil shipments. According to Wright, long-term oil supplies remain abundant, but the immediate priority is ensuring enough oil reaches the market.

Several shipments of Russian oil have reportedly been sitting in floating storage after Chinese buyers slowed purchases. By encouraging India to purchase and refine this oil, the US hopes to move these barrels quickly into circulation and reduce pressure on other global refineries.

US Treasury Secretary Scott Bessent also confirmed that Washington issued a temporary 30-day waiver allowing Indian refiners to buy Russian oil already stranded at sea. He emphasised that the measure is strictly short-term and does not represent a broader shift in US policy toward Russia.

Officials say the step will help ease global supply pressures and prevent oil prices from rising sharply during ongoing tensions in West Asia.