Datanomics: India gets Russian cushion as Israel-Iran clash heats up oil

Israel’s attacks on Iran have led to a surge in international crude oil prices. The conflict is expected to escalate in the coming days, putting further strain on global oil supplies in the restive West Asian region and making crude oil expensive. This can hamper India’s energy security, given that India imports more than 85 per cent of its crude oil requirements, but only to an extent, since the country has successfully expanded its oil import sources. 

Crude oil imports decline

The share of India’s crude oil imports in its total import value has declined during seven years since April 2018,