New Delhi8 minutes ago
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The Strait of Hormuz route has been closed amid the ongoing war between Iran and Israel. In such a situation, after the supply of crude oil stops, India will buy about 30 million barrels of crude oil from Russia.
This claim has been made in the Bloomberg report. The report said that companies like Indian Oil Corporation (IOC) and Reliance Industries have signed oil agreements with Russia.
Recently, America had claimed to give India an exemption of 30 days (till April 3) to buy Russian oil shipments stranded in the sea.
However, Indian officials have said that India is not dependent on the permission of any country to buy oil.
Bought oil stuck in Asian waters
Cargo ships loaded with crude oil from Russia are parked in waiting mode around Asian countries.
According to the report, after the attacks on Iran by America and Israel, the oil supply through the ‘Strait of Hormuz’ has been affected. In such a situation, Indian refiners have secured those Russian ships which were already present in the Asian sea, but they were not finding buyers.
Traders say that Indian Oil has bought about 1 crore barrels and Reliance has also bought at least 1 crore barrels of oil. The remaining oil has been taken by other Indian refining companies.
The ships turned towards India on the way.
Shipping data showed that several large oil tankers like Russian ships ‘Mylo’ and ‘Sara’, which were earlier headed towards Singapore, have now diverted towards Indian ports. The destinations of these ships were changed immediately after getting the American exemption. This time Russia has offered oil of grades like Urals, ESPO and Varande.
Focus on Russia instead of Saudi and Iraq
In the last few months, India had reduced the purchase of oil from Russia and instead started buying more oil from Saudi Arabia and Iraq. According to the data, imports from Russia fell to 1.06 million barrels per day in February, from more than 2 million barrels per day in mid-2024.
Now due to the Middle East crisis, India has once again turned towards Russia, so that there is no energy shortage in the country.
70% of the required crude oil will now come from other routes
Iran has blocked the ‘Strait of Hormuz’, from where 20% of the world’s oil supply comes. At the same time, India sources 50% of its crude oil and 54% of LNG through this route, but considering the current situation, India has changed its strategy and reduced its dependence on this controversial route. At the same time, Indian companies want to fill their stock as soon as possible.
10% increase: India has increased its crude oil imports by 10% through routes that do not fall within the Strait of Hormuz.
New Route: Earlier, India used to import 60% of its crude oil requirement through routes other than Hormuz, which has now been increased to 70%. This will reduce the impact of the war in Gulf countries on India’s supply chain. Let us tell you that India imports about 85-90% of its crude oil requirement from 40+ countries.
Iran assured: cargo movement from Hormuz will start soon
The government has also indicated that the movement of ships near the Hormuz Route may start soon.
Iran’s stance: According to sources, Iran has promised that it will not target its neighboring countries unless Iran is attacked from their territory.
Global Offer: The good thing for India is that many other countries of the world are also showing interest in supplying oil and LNG to it. Officials say that India currently has surplus stock of LNG.
Oil reserves increased in the country, government’s confidence increased
Despite the ongoing turmoil in West Asia, India’s energy security has strengthened. According to government officials, a recent review has seen an improvement in oil stock levels.
- Stock Status: According to sources, “India’s energy stock position is improving. As the situation is improving, our confidence is also increasing.”
- Review Meeting: It has also come to light in the internal review meetings that India’s energy stock has reached a much better condition than before.
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Read this news also…
India will be able to buy crude oil from Russia: Due to Iran war, America gave concession till April 3, price of crude oil crossed 89 dollars.
The crisis of rising prices of petrol and diesel in India is currently over, because India has got relaxation in the conditions of purchasing crude oil from Russia. The US Treasury Department has given a special license of 30 days to Indian refineries. This license will remain valid till April 3.
US Treasury Secretary Scott Besant said on March 6 that this temporary step has been taken under President Trump’s energy agenda. He said that India is an important partner of America and this exemption has been given to keep the supply of oil stable in the global market. Read the full news…
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