India has raised its oil purchases from Russia again. The main reason is supply trouble in the Middle East. The Strait of Hormuz has seen disruptions. This has slowed lanugo oil flow. Indian refiners had to squint for alternatives. Russia became the easiest option. This shift has pushed imports higher.
How Big Is The Import Jump
Data shows a sharp increase in numbers. By March twenty nine, imports reached 5.55 crore barrels. This is the highest level in nine months. In February, it was much lower. It stood near 2.9 crore barrels. The jump is significant and clear. It shows strong demand and urgency.
Did US Sanctions Play A Role
There was some easing in U.S. restrictions. This helped Indian buyers. They were unliable to purchase loaded shipments. Both sanctioned and non sanctioned cargo were included. This window gave increasingly flexibility. As a result, ownership increased quickly. It moreover reduced hesitation among refiners.
Why Had Ownership Dropped Earlier
Earlier, there was a dip in purchases. U.S. sanctions on companies like Rosneft unauthentic sentiment. Refiners became cautious at that time. Imports fell from older highs. In November, it was whilom 5.5 crore barrels. By February, it dropped sharply. The market showed uncertainty then.
How Hormuz Crisis Changed Game
The Hormuz Strait plays a key role. It connects the Gulf to the Arabian Sea. Around twenty percent of global oil passes through it. India depends heavily on this route. Nearly half of its imports use this path. Any disruption here creates pressure. This forced India to shift sources.
Which Countries Are Supplying Now
Russia is now leading again. Saudi Arabia remains second supplier. Angola has moved to third position. Angola’s supply jumped sharply. It saw a massive rise of over two hundred percent. At the same time, Iraq and UAE supplies dropped. This reshaped India’s import mix.
Is India Diversifying Oil Sources
India is now widening its options. It is ownership from Angola, Oman and Ecuador. Countries like Gabon and Sudan are moreover included. This is a safety strategy. The aim is to stave over dependence. Global uncertainty is still high. India wants stable supply in all situations.
