India's oil import dependence hits record 91% after US pressure
India
India's oil import dependence just hit a record high: 91% of its crude now comes from abroad.
This spike happened as India cut back on Russian oil, thanks to US pressure, making it rely more on other countries for fuel.
Indian crude up near $126
With Russian supplies down, West Asia now covers over half of India's oil imports, the highest in years.
But the ongoing Iran conflict has sent global prices soaring: Indian crude jumped from $69 a barrel in February to nearly $126 by April 7.
Even as India imported more Russian oil in March, those earlier discounts are gone, making fuel costlier and keeping everyone watching what happens next.