Indian buyers hold two months of crude stockpiles and resist long-term supply deals despite producer pressure.
Indian refiners will not immediately resume purchases of Middle Eastern crude following the reopening of the Strait of Hormuz. Current stockpiles are sufficient to cover two months of demand, reducing urgency for new cargoes.
Middle Eastern producers have approached Indian buyers to restart long-term contract volumes, but refiners remain hesitant. The Indian government has yet to approve tanker movements to the Persian Gulf for loading under existing agreements.
The delay reflects cautious inventory management amid stable supply conditions, despite regional shipping lane normalization.