Indian government oil firms seek crude amid Middle East risks
Indian government-run oil companies are hustling to secure new crude sources, with their usual Middle East supply routes facing serious risks.
Attacks near Yemen's Red Sea and rising tensions around the Strait of Hormuz have made shipments from Saudi Arabia and Iraq uncertain.
To keep things running, refiners are buying more oil on the spot market and preparing to tap emergency reserves if required.
India eyes Russian and Atlantic crude
With Middle East imports projected to fall to their lowest July level since 2013, Indian refiners are looking at Russian and Atlantic Basin crude instead.
Russia could cover more than half of India's needs in September, but even those deals aren't as reliable or cheap as before.
Some Saudi shipments might even be rerouted through longer (and pricier) routes like the Suez Canal.
The government is keeping a close eye, with Oil Minister Hardeep Singh Puri meeting refinery heads to plan next steps.