New Delhi, July 30 -- India's crude oil imports from Russia could climb to a record 3 million barrels per day (bpd) if supply disruptions through the Strait of Hormuz and the Red Sea continue, according to a new analysis by global commodities intelligence firm Kpler.
The report said Russian crude remains India's most important supply buffer during periods of geopolitical uncertainty, despite the country's efforts to diversify its crude import basket over the past few years.
According to Kpler, Indian refiners have built greater flexibility into their sourcing strategy by increasing purchases from Russia, Venezuela, Africa and other Atlantic Basin producers. This diversified procurement strategy has helped reduce the risk of severe supply ...