Indian Oil Import

High oil and gasoline prices and energy supply problems won't be solved overnight, despite an agreement to end the Iran war and open the Strait of Hormuz announced Sunday. It will likely take months before energy companies can resume operations to the point of meeting the world's demand, according to energy experts. The slow pace of the process of shipping and refining crude oil, and doubts about the security of traveling through the strait mean the effect won't be seen immediately, they said. Ships loaded with crude oil have been stranded in the Persian Gulf for more than three months, unable to safely travel through the waterway, through which about a fifth of the world's oil and gasoline supplies typically traveled before the war began. "It's going to take time for people to feel comfortable and for insurance to be in place ... particularly to get people on the ground to restart some of these assets," said Daniel Evans, global head of fuels and refining research at S&P Global ..

Greek and Indian tankers had all made their journeys northeast toward Hormuz from waters off Dubai, filled with crude, before they began turning around on Saturday morning

India's oil imports (in volume terms) have, in fact, been decelerating. Against an annual average growth rate of 10.8% during 2005-06 to 2009-10, crude oil imports grew 1.9% during 2020-21 to 2024-25

It has been argued that India must push up the domestic production of fossil fuels, including oil and gas, along with diversifying sources of imports

Amid vessel-diversion rumours, the petroleum ministry also said that Indian refiners have secured crude and LPG imports, including from Iran

Indian refiners, including Reliance Industries Ltd, Hindustan Petroleum Corp and Indian Oil Corp have purchased a combined 343,000 barrels a day for loading in March

India's LNG imports have more than doubled in the last decade from $6 billion in FY17 to nearly $15 billion in FY25

India's purchase of Russian crude oil has surged 50 per cent in March as New Delhi tapped alternate sources to make up for the shortfall arising from disruption in the Middle East amid a widening military conflict. India bought about 1.5 million barrels of Russian oil this month, up from 1.04 million bpd in February, ship tracking data showed. India, the world's third-largest crude importer, sources 88 per cent of its oil needs from abroad. It consumes 5.8 million barrels per day, of which 2.5-2.7 million barrels came from Middle East countries like Saudi Arabia, Iraq, and the UAE via the Strait of Hormuz. The chokepoint also carried 55 per cent of India's cooking gas (LPG) and 30 per cent of liquefied natural gas (LNG), used for power, fertilizers, CNG, and household cooking. The ongoing conflict has largely halted shipments through the strait, forcing India to seek alternative crude sources from Russia. "India was expected to import around 2.6 million barrels per day of crude vi

India, which meets nearly two-thirds of its edible oil demand through imports, also buys palm oil from Indonesia, Malaysia and Thailand, with shipments typically reaching its ports in about a week

Oil prices have already risen 23.6 per cent, from about $72 per barrel a day before the war began on February 28 to around $89 per barrel now

Timing of the new US-Israel bombing of Iran and Tehran's response couldn't be worse for India

Russia will still be the country's biggest supplier this month if flows reach the top of Kpler's range at 1.2 million barrels a day, but shipments are set to drop even further

Indian refiners see Venezuelan merey crude discounts shrink to record lows amid high freight costs and tighter supply dynamics

Foreign Secretary Vikram Misri said India's energy import decisions are driven by national interest, diversification and price stability, amid scrutiny of Russian oil imports, global market volatility

White House said in order that 'India has committed to stop directly or indirectly importing Russian Federation oil,' and that import tariffs on all Indian goods may be raised if it resumes purchases

India gets deep discounts on Russian crude and its exports of petroleum products to China have increased

Only two state-run refiners Indian Oil and BPCL and Russia-backed Nayara Energy Ltd purchased crude oil from Moscow in January

The announcement came after a phone call between Prime Minister Narendra Modi and Trump

India will continue to look out for the best prices and best margins for its refiners, strategically changing its buying slate while also dropping Russian imports slightly, a Kpler analyst said

US Treasury Secretary said that India's sharp reduction in Russian oil imports shows that tariff pressure has worked, opening the door for a rollback of the additional 25% duty imposed by Trump