India increases oil purchases from non-Middle Eastern suppliers as Hormuz disruptions cut off nearly half its usual crude sources.
India is accelerating crude imports from Russia, Brazil, and Venezuela after Middle East supply disruptions slashed its usual oil sources. The country, the world’s third-largest importer, previously relied on the region for about 50% of its crude, but the closure of the Strait of Hormuz has reduced tanker traffic to a trickle, with few shipments reaching India.
India began increasing Russian oil purchases three years before the Iran conflict, but the current crisis has forced a broader shift. With limited alternatives in Africa, the country is turning to South American suppliers to fill the gap. The move aims to stabilize energy costs amid persistent supply constraints.
The diversification strategy reflects India’s efforts to mitigate geopolitical risks and secure long-term energy supplies. Analysts note the shift could pressure global oil markets if demand from other importers follows suit.