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India persists with Russian oil imports
Indian refining companies secured their crude oil needs for the upcoming months, reducing their dependence on imports from the Arabian Gulf, despite the reopening of navigation through the Strait of Hormuz following a temporary agreement between the United States and Iran. Purchases were focused on alternative sources such as Russia, and regional tensions have led to Indian oil imports from the Middle East dropping to their lowest level since 2013. It is expected that Indian refineries will continue purchasing Russian oil despite the end of US exemptions, as Brent crude prices decline and discounts of $1 to $2 per barrel compared to Brent are offered, due to ample supply and ongoing logistical challenges.
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