India’s oil imports from Russia, Africa, US seen rising

 

The Israel-Iran conflict and Tehran’s threat to close the Strait of Hormuz are likely to push Indian refiners to further ramp up oil purchases from non-West Asian suppliers — mainly Russia, West Africa, the US and Latin America — as shipping routes to Indian ports from these suppliers are detached from the critical choke point in the Persian Gulf. In fact, India’s oil sourcing strategy is already reflecting a risk-hedged posture pertaining to West Asian oil flows, with Russian oil dominating the oil import mix. Tanker data sourced from commodity market analytics firm Kpler shows that in June, India imported over 2.2 million barrels per day (bpd) of Russian oil, accounting for over 41% of the country’s oil imports. Crude oil imports from the US have also grown sequentially, while imports from West Asia – primarily Iraq, Saudi Arabia, UAE and Kuwait – have largely remained stable, as per a report. 

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