India to import Russian oil at premium despite Middle East conflict
India is gearing up to bring in about 60 million barrels of Russian crude oil next month, even as shipping routes in West Asia, especially the busy Strait of Hormuz, face major disruptions due to ongoing conflicts.
These barrels are coming in at a premium price, which shows just how tight and competitive the global oil market is right now.
India diversifies oil sources amid geopolitical tensions
This move represents more than double what India imported from Russia in February and is roughly in line with this month's purchases.
After briefly turning to Saudi and Iraqi oil because of US pressure, Indian refiners are now returning to Russian supplies, helped by a US waiver for certain shipments.
To keep options open, India is also set to import 8 million barrels from Venezuela—the most since late 2020—highlighting its push for energy security when global politics get tricky.