Datanomics: Strait of Hormuz still remains critical for crude oil import

After ceasefire violations by Iran and Israel on Tuesday, the approval by the Iranian parliament to close the Strait of Hormuz still poses a risk. This has raised concerns about its impact on India’s crude oil imports. In 2024, India imported nearly 4.9 million barrels of crude oil per day, with 39 per cent of it transported through Hormuz. In recent years, India has shifted its crude oil import towards Russia. In 2021-22, 1.9 per cent of India’s crude oil share came from Russia. It surged  to 35 per cent in 2024-25.      Route losing share, but remains relevant for India 

The Strait of Hormuz is still critical for India even though we now import much lower than half of our crude  inbound shipments through this route.  

 

Most used route for India’s crude imports

 

Among the four key straits used by India, the Strait of Hormuz remains the most significant for India, accounting for 43 per cent of oil imports in 2023. It was followed by the Danish Straits at 23 per cent and the Turkish Straits at 11 per cent.   

A vital crude oil route for China and India

  Except China, top six countries importing crude via Hormuz saw a decline or stagnant inbound shipments in 2024 compared to those in 2022.