Indian refiners increase Russian and UAE oil imports ahead of Hormuz recovery

India's crude oil imports hit a milestone in June, as Russia emerged as the primary supplier, followed closely by the UAE's near-record imports. This shift represents a calculated diversification strategy, influenced by attractive discounts and apprehensions surrounding the Strait of Hormuz. Venezuela is stepping into a crucial role, while the reopening of the Strait indicates a slow path towards normalized supplies, beginning with LPG's anticipated recovery.

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