India Boosts Russian Oil Imports Amid Middle East Unrest
Amid escalating tensions in the Middle East, India has significantly increased its imports of Russian oil, surpassing purchases from traditional Middle Eastern suppliers. This strategic move aims to ensure energy security and supply flexibility as conflict looms, potentially affecting the crucial Strait of Hormuz and global oil flow.
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India has notably ramped up its imports of Russian oil in June, surpassing the combined purchase volumes from traditional Middle Eastern suppliers like Saudi Arabia and Iraq. This strategic shift occurs amid heightened market volatility following Israel's dramatic assault on Iranian nuclear sites.
The increased intake, projected to hit 2-2.2 million barrels per day, marks a two-year high, according to Kpler's analysis. This adjustment largely derives from Russian oil being offered at a significant discount due to Western sanctions and diplomatic tensions, making it an attractive option for India.
India's strategic move comes amid the Israeli-Iranian conflict, increasing concerns over potential disruptions at the Strait of Hormuz—a critical chokepoint for global oil transportation. Indian refiners assert that despite possible disruptions, they can leverage Russian supplies to maintain energy stability, showcasing robust preparations for geopolitical uncertainties.
(With inputs from agencies.)
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