India's crude oil imports normalize through diversified sourcing, HSBC says
India's crude oil imports are back to normal, even with ongoing Middle East tensions.
According to HSBC, refiners have gotten smart about where they buy from, cutting down on Gulf suppliers and ramping up purchases from Russia, the US Oman, West Africa, and South America.
This flexible approach has helped keep supplies steady while dodging some of the risks tied to the Gulf region.
Indian refiners favor Russian crude
Russian oil is still a favorite for Indian refiners because it's cheaper than Brent crude and easier to get right now.
Even though more Middle Eastern oil is available again after the Strait of Hormuz reopened, India hasn't rushed back. Instead, it's sticking with its mix of sources.
HSBC expects this diversified sourcing strategy to continue as Gulf supply stabilizes.