India ramps up Russian, UAE oil purchases as refiners hedge ahead of Hormuz reopening
India's crude oil imports from Russia surged in June, solidifying Moscow's position as the top supplier, while UAE shipments remained strong. This strategic diversification aims to secure energy supplies amidst ongoing uncertainties surrounding the Strait of Hormuz. Despite a gradual reopening of the strait, refiners are maintaining robust purchases from alternative sources, indicating a lasting shift in India's energy sourcing strategy.
India's crude oil imports from Russia surged in June, solidifying Moscow's position as the top supplier, while UAE shipments remained strong. This strategic diversification aims to secure energy supplies amidst ongoing uncertainties surrounding the Strait of Hormuz. Despite a gradual reopening of the strait, refiners are maintaining robust purchases from alternative sources, indicating a lasting shift in India's energy sourcing strategy.
