Indian refiners increased crude imports from Latin America and Africa after supplies from the Middle East were disrupted by the Israeli-U.S. conflict with Iran, which restricted shipping through the Strait of Hormuz.
Indian refiners increased crude imports from Africa and Latin America after supplies from the Middle East were disrupted by the Israeli-U.S. conflict with Iran, which restricted shipping through the Strait of Hormuz.
Before the conflict escalated at the end of February, India — the world’s third-largest oil importer and consumer — relied heavily on crude supplies from the Middle East. However, refiners have since diversified purchases, increasing imports from Venezuela, Brazil, Angola and Nigeria during April and May to offset supply shortages, while continuing to buy Russian oil, Reuters reported.
Africa gains stronger role in supply mix
The shift toward African crude had already started earlier this year as Indian refiners sought to reduce reliance on Russian supplies amid geopolitical uncertainty. In April, Nigeria shipped its first-ever cargo of Cawthorne crude, a 950,000-barrel consignment bound for India’s Sikka port, highlighting Africa’s growing role in India’s energy diversification strategy.
