Barrel of backups: India's crude imports bounce back despite Middle East disruptions

India’s crude oil imports have bounced back to near pre-conflict levels despite prolonged disruptions in the Middle East, as refiners adjusted their sourcing mix and leaned more on alternative suppliers. According to an HSBC Global Research report, Indian refiners managed to offset the impact of the Strait of Hormuz crisis by cutting reliance on traditional Gulf suppliers and stepping up purchases from Russia, the United States, Oman, West Africa and South America.

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