New Delhi: Russia is reportedly prepared to redirect crude shipments to India to offset Middle East supply disruptions, according to media reports, citing sources. About 9.5 million barrels of Russian oil are now positioned near Indian waters and able to arrive within weeks.
How many barrels of Russian crude near Indian waters?
About 9.5 million barrels of Russian crude in vessels near Indian waters and able to arrive within weeks, an industry source with direct knowledge told Reuters.
The source declined to say where the non-Russian fleet cargoes were originally headed but said they could be delivered to India within weeks, giving refiners rapid relief
What is the reason of disruption?
The emergency supply push comes as the near-closure of the Strait of Hormuz, through which about 40 per cent of India’s crude imports transit.
India is vulnerable to supply shocks, with crude stocks covering only about 25 days of demand, while refiners hold similarly limited inventories of gasoil, gasoline and liquefied petroleum gas.
According to Reuters reports citing confirmation from a government official said that New Delhi is urgently scouting for alternative oil supplies to prepare for continuing conflict in the Middle East beyond 10–15 days.
What is Russia saying?
Russia was ready to help India meet up to 40 per cent of its crude needs, according to Reuters reports, citing the industry source, speaking on condition of anonymity.
The source declined to say where the non-Russian fleet cargoes were originally headed but said they could deliver to India within weeks, giving refiners rapid relief.
What about Russia’s oil supply to India?
Indian refiners process about 5.6 million barrels per day of crude.
Russian crude’s share of India’s imports fell to about 1.1 million barrels per day in January, the lowest since November 2022, as New Delhi sought ease from US tariffs, pushing Moscow’s share of overall oil imports down to 21.2 per cent, industry data showed.
The source said the share climbed back to around 30 per cent in February.
