From Financialexpress · Dimple Singh · · 1m 40s
India's Gulf Oil Imports Surge Amid Hormuz Risks
India's crude oil imports from West Asia jumped 74% in September despite Strait of Hormuz disruptions, as Gulf suppliers use ship-to-ship transfers to keep supplies moving.
In brief
India's crude oil imports from West Asia jumped 74% in September despite Strait of Hormuz disruptions, as Gulf suppliers use ship-to-ship transfers to keep supplies moving. India's West Asian crude imports rose 74% month-on-month to 2.10 million barrels per day in September, driven by increased ship-to-ship transfers…
West Asian Imports Surge
India's crude oil imports from West Asia rose 74% month-on-month to 2.10 million barrels per day in September.
West Asia's Share Grows
West Asian suppliers accounted for 39.5% of India's total crude imports, up from 26% in August.
Key Gulf Suppliers
Iraq supplied 538,000 barrels per day, followed by Saudi Arabia at 529,000 bpd, the UAE at 449,000 bpd, and Kuwait at 344,000 bpd.
Ship-to-Ship Transfers Rise
Gulf suppliers increasingly use ship-to-ship transfers to move crude through the Strait of Hormuz amid disruptions.
Russian Crude Declines
India imported 1.88 million barrels per day of Russian crude in September, down from 2.09 million bpd in August.
Chinese Demand Pressures Russia
Stronger Chinese demand and disruptions to Russia's oil infrastructure have reduced Russian crude availability for India.
Refiners Seek Alternatives
Indian refiners increased purchases of UAE Murban, Iraqi Basrah, and Angolan crude to replace Russian supplies.
Gulf Supplies Recover
West Asian suppliers accounted for 39.5% of India's crude imports in September, up from 26% in August.
Shift in Import Mix
The shift gives Indian refiners more options as geopolitical risks make Gulf and Russian supplies less predictable.
What's Next for India
India's refiners are diversifying crude sources as Gulf suppliers use ship-to-ship transfers to navigate Hormuz risks.
The one thing
India's West Asian crude imports rose 74% month-on-month to 2.10 million barrels per day in September, driven by increased ship-to-ship transfers amid Hormuz risks and reduced Russian supplies.
