India's Gulf oil imports surpass Russia for first time since Iran war
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓India’s oil imports from the Persian Gulf surpassed Russian supplies for the first time since the Iran war began.
- ✓Shipments through the Strait of Hormuz climbed to 2.1 million barrels a day this month.
- ✓Gulf producers now offer competitive prices, helping Indian refiners return to their traditional, cheaper energy sources.
Story at a Glance
- Category
- Indian Markets
- Reported By
- Business Standard
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
Major Gulf producers are now shipping crude at close to pre-war rates | Image: Bloomberg
India's oil imports from the Persian Gulf have overtaken those from Russia for the first time since the beginning of the Iran war, as shuttle runs by tankers help restore flows through the Strait of Hormuz.
Crude shipments reaching India through the crucial West Asia chokepoint have climbed to 2.1 million barrels a day so far this month, surpassing Russian imports of 1.8 million barrels a day, according to Kpler. Daily flows via Hormuz to the world's third-largest oil buyer had plunged to just 247,000 barrels in April from an average 2.8 million in February, after attacks on ships effectively closed the waterway as the war between US and Iran intensified.
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