India's Oil Strategy: Navigating Middle East Turmoil with Russian Imports

In the face of rising tensions between Israel and Iran, India has significantly increased its import of Russian oil, surpassing its purchases from traditional Middle Eastern suppliers. This shift comes as India seeks to navigate potential disruptions in the global oil market triggered by geopolitical instability.

India, the world's third-largest oil-importing nation, imported between 2-2.2 million barrels of Russian crude oil daily in June. This marks the highest level in two years, as India looks to Russian oil amid market volatility spurred by Middle Eastern conflicts. Russian oil offers a strategic advantage to India, providing both price relief and supply diversification.

With the escalating situation in the Strait of Hormuz, Indian refiners have adjusted their strategies. They've improved refining capabilities and payment flexibilities to include a broader range of suppliers, including the US. This adaptability ensures India's energy resilience, even amid potential regional disruptions, safeguarding the nation's energy security.

(With inputs from agencies.)