Big news of April 17 morning: America has decided not to extend the exemption given on oil coming from Iran and Russia, due to which it may be necessary for India to change the oil import strategy. Now India may have to increase purchases from other countries as part of its diversified crude oil portfolio. US Finance Minister Scott Besant said on April 15 that the general license applicable to the oil of Russia and Iran will not be renewed. In the press briefing held at the White House, he clarified that this exemption was limited only to those shipments which were sent at sea before March 11.
