RIL, BPCL, IOC, MRPL, HPCL shares in focus after 30-day Russian oil waiver
Oil stocks in focus: This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorises transactions involving oil already stranded at sea, Scott Bessent said.
- Mar 6, 2026,
- Updated Mar 6, 2026 8:38 AM IST
Reliance Industries Ltd, Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd, Hindustan Petroleum Corporation and Mangalore Refinery and Petrochemicals Ltd shares in focus on Friday morning, after US Treasury Secretary Scott Bessent in a post on Friday said his department issued a temporary 30-day waiver to allow Indian refiners to purchase Russian oil. This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorises transactions involving oil already stranded at sea, he said.
The move was made to enable oil keep flowing into the global market, Bessent said on X.
"India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of US oil. This stop-gap measure will alleviate pressure caused by Iran’s attempt to take global energy hostage," he said.
This would be subjected to the delivery or offloading of such crude oil or petroleum products occurs at a port in the Republic of India; and the purchaser of such crude oil or petroleum products is an entity organised under the laws of the Republic of India.
"Russian Federation-origin crude oil and petroleum products subject to this general license include those produced by entities sanctioned under the Russian Harmful Foreign 2 Activities Sanctions Regulations, 31 CFR part 587, or the Ukraine-/Russia-Related Sanctions Regulations, 31 CFR part 589," a press release by Office of Foreign Assets Control read.
Reliance Industries had stopped importing Russian oil for its refining operations at Jamnagar in western Gujarat state, effective November 20. Nomura India in a note on March 2 said there are 60-100 million barrels of Russian crude floating in the Arabian Sea, which can be delivered to India’s eastern coast in three days’ time.
India’s commercial crude stocks at 100 million barrels and strategic reserves at 39 million barrels, combined are roughly 30 days of its crude consumption, and 60 days of crude supplies from the Middle East, Nomura India said.
"Refineries may also hold a few days of refined product inventories to add to the cushion. We believe India may return to securing Russian oil via the Eastern routes, and increase sourcing from the US, West Africa, and Latin America to offset potential loss of barrels from the Middle East. However, the freight costs will be higher due to longer shipping routes, and higher dayrates. Russian supplies via the Eastern route may take 25 days to arrive," it noted.
A Reuters report, meanwhile, suggested Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL) and Mangalore Refinery and Petrochemicals Ltd (MRPL) are talking to traders for prompt delivery of Russian cargoes.
Reliance Industries Ltd, Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd, Hindustan Petroleum Corporation and Mangalore Refinery and Petrochemicals Ltd shares in focus on Friday morning, after US Treasury Secretary Scott Bessent in a post on Friday said his department issued a temporary 30-day waiver to allow Indian refiners to purchase Russian oil. This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorises transactions involving oil already stranded at sea, he said.
The move was made to enable oil keep flowing into the global market, Bessent said on X.
"India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of US oil. This stop-gap measure will alleviate pressure caused by Iran’s attempt to take global energy hostage," he said.
This would be subjected to the delivery or offloading of such crude oil or petroleum products occurs at a port in the Republic of India; and the purchaser of such crude oil or petroleum products is an entity organised under the laws of the Republic of India.
"Russian Federation-origin crude oil and petroleum products subject to this general license include those produced by entities sanctioned under the Russian Harmful Foreign 2 Activities Sanctions Regulations, 31 CFR part 587, or the Ukraine-/Russia-Related Sanctions Regulations, 31 CFR part 589," a press release by Office of Foreign Assets Control read.
Reliance Industries had stopped importing Russian oil for its refining operations at Jamnagar in western Gujarat state, effective November 20. Nomura India in a note on March 2 said there are 60-100 million barrels of Russian crude floating in the Arabian Sea, which can be delivered to India’s eastern coast in three days’ time.
India’s commercial crude stocks at 100 million barrels and strategic reserves at 39 million barrels, combined are roughly 30 days of its crude consumption, and 60 days of crude supplies from the Middle East, Nomura India said.
"Refineries may also hold a few days of refined product inventories to add to the cushion. We believe India may return to securing Russian oil via the Eastern routes, and increase sourcing from the US, West Africa, and Latin America to offset potential loss of barrels from the Middle East. However, the freight costs will be higher due to longer shipping routes, and higher dayrates. Russian supplies via the Eastern route may take 25 days to arrive," it noted.
A Reuters report, meanwhile, suggested Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL) and Mangalore Refinery and Petrochemicals Ltd (MRPL) are talking to traders for prompt delivery of Russian cargoes.