India Boosts Russian Oil Imports by 50% Amid West Asia Crisis, Urals Crude Soars

• India increased Russian crude oil purchases by 50% in March, importing 1.5 million barrels per day, up from 1.04 million in February.
• The West Asia crisis, particularly affecting the Strait of Hormuz, has disrupted traditional oil routes, forcing India to seek alternatives.
• Russia's Urals crude is now selling above $100 per barrel, surpassing Brent crude ($91), a reversal of typical pricing.
• India, the world's third-largest crude importer, relies heavily on West Asian supplies, with 2.5-2.7 million barrels per day coming via Hormuz.
• While crude supply is diversifying, the threat to LPG supply remains, as 80-90% of India's imported LPG also transits the Strait of Hormuz.