New Delhi, May 25 (SANA) Indian refiners have increased crude imports from Latin America and Africa following disruptions to Middle Eastern supplies linked to restrictions on maritime traffic through the Strait of Hormuz, according to trade data and industry sources.
India, the world’s third-largest oil importer and consumer, had relied heavily on Middle Eastern crude before the conflict involving Iran escalated in late February.
Preliminary data from Kpler showed that imports from Venezuela, Brazil, Angola and Nigeria rose during April and May as refiners sought alternative supplies while continuing purchases of Russian oil.
India also halted crude imports from Iraq last month because of export disruptions and resumed limited purchases of Iranian oil under a temporary U.S. waiver intended to support global market stability.
Russian crude imports fell 29.4 percent in April from the previous month to 1.6 million barrels per day, partly due to maintenance work at Nayara Energy’s refinery. However, Kpler estimates India could receive around 1.9 million barrels per day of Russian oil in May.
India’s total crude imports averaged 4.57 million barrels per day in April, unchanged from March but down 15.5 percent compared with a year earlier.
Imports from the United Arab Emirates recovered to nearly 670,000 barrels per day in April from about 231,000 barrels per day in March, while Saudi crude shipments remained stable at roughly 619,500 barrels per day.
The UAE and Saudi Arabia remain the only Gulf producers with export routes that bypass the Strait of Hormuz, while Kuwait, Iraq, Qatar and Bahrain continue to rely on the waterway for most crude shipments.
Data showed the share of OPEC producers in India’s imports rose to 45.2 percent in April from around 30 percent in March.
Russia remained India’s largest crude supplier, followed by the UAE and Saudi Arabia, while Venezuela is expected to become India’s fourth-largest source of oil imports in May.
kA.RK
