IRAN FREEZES TRAFFIC AT THE STRAIT OF HORMUZ| INDIA’S CRUDE OIL STOCKPILE|CRUDE IMPORTS FROM RUSSIA

Описание: With the escalation of war tensions in the Persian Gulf, there has been a sizeable disruption in oil flows through the Strait of Hormuz. With this in mind, the Indian government, as well as the Indian public sector refiners are being compelled to consider increasing their imports of Russian crude oil. This in order to ensure oil supply continuity. In the recent months gone by, India has cut down its oil imports from Russia significantly as a result of trade negotiations with the US. Now, with shipments through the Strait of Hormuz effectively suspended, Russian oil—still available in ample volumes—could be the option Indian refiners may have to go back to. Close to 2.5–2.7 million barrels per day, that cumulatively account for almost half of India’s total oil imports go through the Strait of Hormuz. These imports are mostly from Iraq, Saudi Arabia, the UAE, and Kuwait. India is the world’s third-largest consumer of crude oil with an import dependency level of over 88%. The majority of India’s gas consumption is also met with the help of imports alone. As things stand, India has crude oil and fuel stock-piled to last them for six to eight weeks. With that India is in a reasonably comfortable position just now in order to take care of near-term supply shortages, be it in the case of petrol, diesel, or liquefied petroleum gas or LPG.

#iran #russianoil #indiaoilimports #straitofhormuz

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IRAN FREEZES TRAFFIC AT THE STRAIT OF HORMUZ| INDIA’S CRUDE OIL STOCKPILE|CRUDE IMPORTS FROM RUSSIA