The record
Written from the 1 report below. Nothing here is unsourced.
- India raised crude oil imports from Russia and Latin America in the April-June quarter while cutting Middle East purchases, as shipments through the Strait of Hormuz were disrupted after the US-Israeli attack on Iran.
- Middle East imports fell about 27% to 1.55 million barrels per day, while Russian crude hit an all-time high of 2.64 million barrels per day in June, making up roughly half of India's total imports that month.
- Russia's share of India's crude basket rose to about 41% for the quarter, up from around 38% a year earlier, while the Middle East's share dropped to 31%.
- Refiners say reliance on Russia, West Africa and the Americas could grow further if the strait stays disrupted, and they continue buying Russian oil from non-sanctioned entities despite Washington withdrawing the temporary waiver.
What to watch next
- Whether shipping through the Strait of Hormuz remains disrupted and Houthi rebels proceed with a naval blockade of Saudi Arabia.
- Whether India sources Saudi crude via the longer Cape of Good Hope route, which would raise transport costs significantly.
- The impact of Washington withdrawing the temporary sanctions waiver on India's continued purchases of Russian crude.
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Named India · Russia · United States · Israel · Iran · Oman · Brazil · Venezuela · Angola · Saudi Arabia · Yemen · Middle East · Strait of Hormuz · Reuters
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