Indian refiners purchased around 10 million barrels with another 23 million expected in March, as tensions near the Strait of Hormuz constrain Middle Eastern crude flows.
India has expanded its Russian oil imports to roughly 33 million barrels in March, responding to reduced Gulf supply routed through the Strait of Hormuz, a key shipping channel recently disrupted. Indian refiners have already secured 10 million barrels with an additional 23 million expected to be loaded within the month. The development underscores India's efforts to maintain stable energy inflows despite rising geopolitical frictions affecting regional supply chains. Reports note that Russian crude, previously discounted, is no longer considered cheap, signaling shifting price dynamics in global energy markets.