India Diversifies Oil Imports, Boosts Reserves Amid West Asia Tensions & Price Surge

• Indian fuel companies are negotiating with the US, Russia, and West Africa for additional crude oil, diversifying supply amidst West Asian conflict.
• Refineries have postponed maintenance to ensure continuous operation and sufficient stock, with India's non-Hormuz oil sources increasing from 60% to 70%.
• India has resumed purchasing Russian oil due to a US waiver, strengthening its supply chain, and holds a 50-day stock, continuously replenished.
• Despite new sources, analysts warn of a potential increase in import bills due to surging crude oil prices (from $70 to over $92/barrel), higher freight, and insurance.
• India has strategically diversified its energy dependency, with only 40% of oil now passing through the Strait of Hormuz, and secured additional gas supplies from Australia and Canada.