India's Russian Crude Imports Soar 90% in March Amid Hormuz Blockade

• India's crude oil purchases from Russia jumped 90% in March, despite a 15% drop in overall crude intake.
• Disruptions in the Strait of Hormuz significantly impacted India’s energy supplies, causing a 40% plunge in LPG imports and a decline in LNG shipments.
• The surge in Russian imports followed a 30-day US waiver for sanctioned oil in transit, with India also increasing sourcing from African nations.
• Middle Eastern producers rerouted supplies via pipelines bypassing Hormuz, like Saudi Arabia’s East-West and UAE’s Habshan-Fujairah lines, providing some relief.
• Russian oil purchases are expected to continue into April, with potential additional supplies from Iran and Venezuela to ease risks; LNG imports from Qatar dropped 92%.

Key Questions Answered

Will India's reliance on Russian oil continue to grow?

India's reliance on Russian oil has significantly increased, with imports surging from 2% prior to 2022 to over $45–50 billion annually at peak levels.

How will Hormuz disruptions impact global oil prices?

Disruptions in the Strait of Hormuz could lead to oil prices reaching $150 to $200 per barrel.

What alternative energy sources is India exploring?

India is exploring renewable energy sources such as solar, wind, bioenergy, and green hydrogen.