India has ramped up purchases of Russian oil and revived alternate supplies from Africa, Iran and Venezuela to blunt a sharp crude shortfall from the crisis-ridden Middle East, analysts say.
India, the world's third-largest oil buyer, normally sources about half of its crude through the Strait of Hormuz, a vital waterway that has seen only a trickle of traffic since the United States and Israel launched attacks on Iran on February 28.
kAmx?5:2VD 962GJ :>A@CE 56A6?56?46[ 4@>3:?65 H:E9 >@56DE @:= C6D6CG6D 4@>A2C65 H:E9 >2;@C 4@?DF>6CD =:<6 r9:?2[ 92D AC@>AE65 2?2=JDED E@ H2C? E92E x?5:2 4@F=5 36 2>@?8 E96 >@DE GF=?6C23=6 E@ 2 DF556? @:= AC:46 9:<6]k^Am
kAmqFE H9:=6 x?5:2 :D 8C2AA=:?8 H:E9 5:DCFAE:@?D E@ 4@@<:?8 82D DFAA=:6D[ :E 92D D@ 72C 2G@:565 E96 A6EC@= D9@CE286D E92E 92G6 9:E D@>6 ?6:893@FC:?8 ?2E:@?D]k^Am
kAm$9:A‑EC24<:?8 2?5 :>A@CE 52E2 D9@H E92E x?5:2 92D A2CE:2==J A=F8865 E96 82A 3J EFC?:?8 E@ @=5 2==:6D[ 6IA2?5:?8 AC@>:D:?8 E:6D 2?5 C6G:G:?8 DFAA=:6CD :E 925 ?@E E2AA65 :? J62CD]k^Am
kAm%96 3:886DE 324<DE@A 92D 366? #FDD:2? 4CF56 \\ 2 7F6= D@FC46 }6H s6=9: DA6?E >F49 @7 E96 A2DE J62C ECJ:?8 E@ A:G@E 2H2J 7C@> F?56C DE:77 &$ E2C:77D]k^Am
kAmx?5:2? C67:?6CD :>A@CE65 2? 2G6C286 @7 ?62C=J `]hg >:==:@? 32CC6=D A6C 52J W3A5X 7C@> #FDD:2 :? |2C49[ 244@C5:?8 E@ EC256 :?E6==:86?46 7:C> zA=6C \\ 2 D92CA ;F>A 7C@> E96 AC6G:@FD EH@ >@?E9D]k^Am
kAmp?2=JDED D2J E96 DFC86 H2D =:<6=J 2:565 3J 2 E6>A@C2CJ &$ H2:G6C 8C2?E65 :? |2C49 4@G6C:?8 #FDD:2? @:= 2=C625J 2E D62]k^Am
kAmQx>A@CED C@D6 7C@> 2AAC@I:>2E6=J @?6 >:==:@? 3A5 :? y2?F2CJ 2?5 u63CF2CJ[Q D2:5 }:<9:= sF36J[ 2? 2?2=JDE 2E zA=6C]k^Am
kAmQ%9:D ?62C‑5@F3=:?8 DF886DED E92E E9:D 255:E:@?2= G@=F>6 H2D =:<6=J 4@?EC24E65 7@==@H:?8 E96 D2?4E:@? H2:G6C[Q 96 E@=5 pu!]k^Am
k9am\ &D67F= AFC492D6 \k^9am
kAmx?5:2 =:<6=J AFC492D65 2? 255:E:@?2= e_ >:==:@? 32CC6=D @7 #FDD:2? @:= E92E H:== 36 56=:G6C65 E9C@F89 pAC:=[ EH@ EC256 2?2=JDED D2:5]k^Am
kAm(2D9:?8E@?VD 6I6>AE:@?D 92G6 5C2H? 4C:E:4:D> 7C@> &<C2:?:2? !C6D:56?E '@=@5J>JC +6=6?D<J[ H9@ D2JD E96J 4@>A=:42E6 677@CED E@ 49@<6 @77 #FDD:2VD C6G6?F6D >@C6 E92? 7@FC J62CD :?E@ :ED 7F==\D42=6 :?G2D:@? @7 &<C2:?6]k^Am
kAmqFE zJ:G 82:?65 =:EE=6 =6G6C286 27E6C &$ !C6D:56?E s@?2=5 %CF>A =2DE H66< 6IE6?565 E96 H2:G6C @? #FDD:2? D623@C?6 @:= 3J 2?@E96C >@?E9]k^Am
kAmQ%96 6IE6?D:@? 8:G6D x?5:2? C67:?6CD E96 CF?H2J E96J FC86?E=J ?66565[Q D2:5 #29F= r9@F592CJ[ G:46‑AC6D:56?E 2E #JDE25 t?6C8J]k^Am
kAmQx?5:2? C67:?6CD H:== =:<6=J >@G6 BF:4<=J E@ =@4< :? E96 255:E:@?2= 32CC6=D E96 6IE6?D:@? F?=@4<D 367@C6 E96 |2J `e 5625=:?6]Qk^Am
kAm~E96C >2C<6ED 92G6 2=D@ 2:565 x?5:2]k^Am
kAmx>A@CED 7C@> p?8@=2 2G6C2865 baf[___ 3A5 :? |2C49[ 52E2 7C@> zA=6C D9@HD[ ?62C=J E9C66 E:>6D H92E x?5:2 C646:G65 :? u63CF2CJ]k^Am
kAmx?5FDECJ H2E496CD D2J p7C:42? 4CF56 AFC492D6D H6C6 >256 367@C6 E96 &?:E65 $E2E6D DECF4< xC2? 2?5 92G6 AC@G6? E@ 36 FD67F=]k^Am
kAmQp =@E @7 E96 FAE:4< J@FVC6 D66:?8 7C@> p?8@=2 :? |2C49 @C }:86C:2 :? pAC:= 4@>6D 3642FD6 H6 H6C6 W2=C625JX =@@<:?8 2E D@FC46D @E96C E92? #FDD:2[Q 2? @77:4:2= 2E 2 DE2E6‑CF? C67:?6C E@=5 pu![ C6BF6DE:?8 2?@?J>:EJ 3642FD6 E96J H6C6 ?@E 2FE9@C:D65 E@ DA62< H:E9 ;@FC?2=:DED]k^Am
kAmQxEVD ?@H 4@>6 :? 92?5J 3642FD6 D9:A>6?ED 7C@> xC2B 2?5 >@DE @7 E96 |:55=6 t2DE 92G6 72==6? 962G:=J]Qk^Am
kAmp44@C5:?8 E@ zA=6C[ 4CF56 7C@> 3@E9 xC2? 2?5 '6?6KF6=2 3682? 2CC:G:?8 E9:D >@?E9]k^Am
kAmx>A@CED 7C@> xC2? 2G6C2865 afe[___ 3A5 2D @7 >:5‑pAC:=[ H9:=6 D9:A>6?ED 7C@> '6?6KF6=2 DE@@5 2E 2C@F?5 `bf[___ 3A5[ AC6=:>:?2CJ 52E2 7C@> zA=6C D9@HD]k^Am
kAm%96 AFC492D6D 92G6 AC@G6? E@ 36 2 7@CEF:E@FD H:?572== 7@C C67:?6CD H9@ =2C86=J DE66C65 4=62C @7 3@E9 DFAA=:6CD AC6G:@FD=J E@ 2G@:5 &$ :C6]k^Am
k9am\ w:896C AC:46D \k^9am
kAms6DA:E6 E96 5:G6CD:7:42E:@?[ E96 C@25 29625 =@@<D 5:77:4F=E]k^Am
kAmx?5:2VD @G6C2== 4CF56 :>A@CED 76== :? |2C49[ D=:5:?8 E@ c]d >:==:@? 3A5 7C@> d]a >:==:@? :? u63CF2CJ[ 244@C5:?8 E@ zA=6C]k^Am
kAmp?2=JDED 2=D@ 42FE:@?65 E92E @:= 7C@> E96 p7C:42? ?2E:@?D 92D =:>:ED 2D 2 DF3DE:EFE6]k^Am
kAmQx? 2 AC@=@?865 xC2? 4@?7=:4E D46?2C:@[ p7C:42? 4CF56D 42? A2CE:2==J 324<7:== DFAA=J] w@H6G6C[ E96J 2C6 F?=:<6=J E@ 7F==J C6A=246 |:55=6 t2DE6C? 32CC6=D @? 2 DECF4EFC2= 32D:D 5F6 E@ 4CF56 D=2E6 >:D>2E496D[Q D2:5 sF36J[ 6IA=2:?:?8 x?5:2? C67:?6C:6D H6C6 4@?7:8FC65 7@C 5:776C6?E 8C256D E92? H92E 4@>6D 7C@> E96 p7C:42? 4@F?EC:6D]k^Am
kAmw:896C AC:46D 2C6 2=D@ 2 AC@3=6>]k^Am
kAmQ%96 6C2 @7 4962A @:= :D @G6C 7@C ?@H[ 3FE 2446DD 92D 366? AC6D6CG65] t:E96C H2J[ x?5:2 5@6D?VE 92G6 E96 =FIFCJ @7 H2=<:?8 2H2J[Q D2:5 r9@F592CJ[ ?@E:?8 E92E pAC:= 32CC6=D H6C6 D64FC65 2E 36EH66? Sd 2?5 S`d 23@G6 E96 qC6?E 8=@32= @:= 36?49>2C<]k^Am
kAm$E2E6‑CF? C6E2:=6CD 92G6 J6E E@ C2:D6 AF>A AC:46D[ H:E9 E96 8@G6C?>6?E :?DE625 4FEE:?8 6I4:D6 5FE:6D @? 7F6=]k^Am
kAm$@>6 2?2=JDED H2C? AC:46D 4@F=5 C:D6 3J 2D >F49 2D ag CFA66D Wb_ 46?EDX A6C =:EC6 @?46 G@E:?8 :? <6J DE2E6 6=64E:@?D 6?5D =2E6C E9:D >@?E9]k^Am
kAm%96 @:= >:?:DECJ 24<?@H=65865 %9FCD52J E92E 8@G6C?>6?E‑@H?65 7F6= 4@>A2?:6D H6C6 :?4FCC:?8 =@DD6D 3FE 56?:65 E92E 2 AC:46 9:<6 H2D :>>:?6?E]k^Am
kAmQx?5:2 :D E96 @?=J 4@F?ECJ H96C6 A6EC@= 2?5 5:6D6= AC:46D 92G6?VE :?4C62D65 :? E96 =2DE 7@FC J62CD[Q :E D2:5]k^Am
kAm%96 8@G6C?>6?E 2?5 DE2E6 @:= 7:C>D Q92G6 E2<6? C6=6?E=6DD DE6AD :? @C56C E@ :?DF=2E6 x?5:2? 4:E:K6?D 7C@> DE66A :?4C62D6D :? :?E6C?2E:@?2= AC:46DQ]k^Am
kAm2DG^239^D4@k^Am
