India secures August oil, LPG after Iran-US ceasefire reopens Hormuz
Business
India's oil and LPG supplies for August are sorted, thanks to the reopening of the Strait of Hormuz following an Iran-US ceasefire.
This quick move eased worries about shortages, with Indian refiners locking in shipments early by mixing up where they buy from.
Oil marketing official says supply secure
According to an oil marketing official, "the market now has more sellers than buyers," so supply isn't a worry right now.
Russian crude is still India's top pick, but imports from Venezuela, Brazil, Angola, and the US have also gone up lately, showing that India's strategy to diversify is really paying off.