India expects US to extend waiver on Russian oil imports amid global energy volatility

India expects the United States to extend its waiver on the purchase of Russian oil in order to help bring down global crude prices, Reuters reported citing a government source on Wednesday.

The expectation comes amid heightened volatility in global energy markets following disruptions in key supply routes and shifting geopolitical alignments. India has been closely monitoring developments as it seeks to secure stable and affordable energy supplies for its economy.

Click here to track live developments on Iran war


Ajay Srivastava, founder of the Global Trade Research Initiative, described the situation as a critical inflection point. Speaking to ET Online, he said, "The crisis exposes a broader reality: when the US is directly involved as aggressor, global institutions and most national leaders look the other way. India should treat this window as an opportunity to urgently rebuild and expand its reserves of crude oil, LPG, and LNG by securing additional supplies. To reduce vulnerability to geopolitical shocks, India must deepen long-term energy partnerships with stable suppliers such as Russi."

India’s crude oil imports from Russia surged 90% in March compared with February, even as overall oil imports declined nearly 15% due to supply disruptions in West Asia, according to a report cited by industry data and compiled by Atul Mathur in The Times of India.

The disruption in the Strait of Hormuz, a key global chokepoint for energy shipments, also led to a sharp fall in India’s LPG imports by around 40% and reduced LNG availability during the month, prompting New Delhi to explore alternative sourcing options.

Also Read: What Trump’s 39‑day war achieved: A Hormuz trophy for Iran

Following subdued purchases in December 2025 and the January–February 2026 period, India’s imports of Russian crude rebounded after a 30-day waiver announced by the United States, allowing buyers to receive sanctioned oil cargoes already in transit.

On the global supply side, the Kremlin said there has been a surge in demand for Russian energy from multiple regions amid a worsening global energy crisis. It linked the situation to broader disruptions affecting markets.

Kremlin spokesman Dmitry Peskov said, "Now that the world has confidently embarked on the path of a rather serious economic and energy crisis, which is growing day by day, the market and market conditions in the field of energy and energy resources have completely changed."

He added, "There are a huge number of requests for the purchase of our energy resources from alternative sources. We are negotiating, we are negotiating in such a way that this situation best suits our interests."