While it appears that the current issues in the Strait of Hormuz will not impact crude oil supplies to India, there may be some consequences to supplies of liquefied petroleum gas and liquefied natural gas in case the region remains volatile.

According to Sumit Ritolia, a Kpler analyst, “Crude oil flows through the Strait of Hormuz were not entirely normal even before the latest developments. However, the situation has largely remained normal for India in the past 100 days, and oil refineries have continued to receive deliveries from multiple import sources.”

Russia continues to dominate the Indian crude oil market. Meanwhile, supplies from Saudi Arabia and the United Arab Emirates help boost energy security.

Crude oil supplied from West Africa and South America also helped India diversify its crude oil supplies. It is worth mentioning that India's crude oil imports hit an all-time high of 4.93 million barrels per day in June.

India's crude oil imports from Russia increased to nearly 2.7 million barrels per day, accounting for more than half of India's total crude oil imports in June. This makes Russia India's largest oil supplier.

He stated that despite potential supply disruptions, crude oil supplies from Iran are unlikely to become a major source for Indian oil refineries in the near future. Uncertainty surrounding US sanctions policy, compliance risks, and commercial considerations are the main reasons behind this.

While it appears that the current issues in the Strait of Hormuz will not impact crude oil supplies to India, there may be some consequences to supplies of liquefied petroleum gas and liquefied natural gas in case the region remains volatile.

According to Sumit Ritolia, a Kpler analyst, “Crude oil flows through the Strait of Hormuz were not entirely normal even before the latest developments. However, the situation has largely remained normal for India in the past 100 days, and oil refineries have continued to receive deliveries from multiple import sources.”

Russia continues to dominate the Indian crude oil market. Meanwhile, supplies from Saudi Arabia and the United Arab Emirates help boost energy security.

Crude oil supplied from West Africa and South America also helped India diversify its crude oil supplies. It is worth mentioning that India's crude oil imports hit an all-time high of 4.93 million barrels per day in June.

India's crude oil imports from Russia increased to nearly 2.7 million barrels per day, accounting for more than half of India's total crude oil imports in June. This makes Russia India's largest oil supplier.

He stated that despite potential supply disruptions, crude oil supplies from Iran are unlikely to become a major source for Indian oil refineries in the near future. Uncertainty surrounding US sanctions policy, compliance risks, and commercial considerations are the main reasons behind this.