Indian Refiners Boost Russian and UAE Crude Imports to Secure Supply

Indian oil refineries are increasing crude imports from Russia and the United Arab Emirates as part of a strategic shift to secure energy supplies ahead of anticipated maritime recovery in the Strait of Hormuz. The move reflects a broader effort by Indian processors to stabilize procurement costs and diversify sourcing amid ongoing regional geopolitical volatility. Shift in Sourcing Patterns Data from shipping trackers and industry analysts indicates that Indian state-run and private refiners have booked increased volumes of UAE’s Murban crude and Russian Urals for late 2024 delivery. This uptick comes as Indian processors seek to hedge against potential price spikes and logistical bottlenecks. Russia continues to hold its position as India’s primary oil supplier, while the UAE remains a critical partner for high-grade crude required for sophisticated refining units. The Strait of Hormuz, a narrow waterway through which approximately 20% of the world’s oil consumption passes, remains a focal point for Indian energy security. Recent shifts in import strategy suggest that Indian firms are prioritizing immediate availability and shorter transit routes to mitigate risks associated…