In response to supply disruptions in the Strait of Hormuz caused by the ongoing conflict between Iran and Israel, India has moved to secure approximately 30 million barrels of crude oil from Russia. According to a report by Bloomberg, major Indian entities including Indian Oil Corporation (IOC) and Reliance Industries have finalized deals to purchase oil from Russian tankers currently stationed at sea. Specifically, IOC and Reliance have each acquired roughly 10 million barrels, with the remaining volume being picked up by various other Indian refining companies.
Shipping data confirms a tactical shift in logistics, as several large Russian tankers originally destined for Singapore have diverted their routes toward Indian ports. While India had recently decreased its Russian oil imports in favor of suppliers like Saudi Arabia and Iraq, the escalating instability in the Middle East has forced a strategic pivot back toward Moscow to ensure national energy security. The tensions have significantly impacted the Strait of Hormuz—a vital maritime artery through which roughly 20% of the world’s oil flows.
To mitigate the risks associated with the blocked Hormuz route, India has aggressively diversified its supply paths. Currently, the share of crude oil imported via alternative routes has risen to 70%, up from the previous 60%.
Government officials have expressed confidence in this transition, noting that India’s domestic energy reserves have also seen a recent increase, providing a necessary buffer against global market volatility.
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