Strait of Hormuz shut, a few tankers with Russia crude oil divert to India, Pg1

Key Highlights:

• Two tankers, Matari and Odune, carrying over 1.4 million barrels of Russian crude oil, arrived at Vadinar (Gujarat) and Paradip (Odisha) ports on Thursday.
• Tanker Indri, carrying approximately 0.7 million barrels of Russian crude, is heading towards India, despite signaling Singapore as its destination.
• India had significantly reduced Russian oil imports recently amid trade negotiations with the US.
• Russia has stated its readiness to meet additional oil demands from India and China amidst the West Asia conflict.

Detailed Insights:

• Disruption in vessel passage through the Strait of Hormuz due to the West Asia conflict is prompting India to increase its intake of Russian crude oil.
• MoPNG sources indicate that India is in contact with international suppliers to source additional crude oil and LPG, while assuring comfortable oil and fuel stock levels.
• Government and public sector refiners were already considering increasing Russian crude imports to ensure oil supply continuity due to the situation in the Strait of Hormuz.
• Approximately 2.5-2.7 million bpd of India’s crude imports, about half of its total, have been transiting through the Strait of Hormuz in recent months.
• In February, India's import of Russian crude was 1.1 million bpd, a significant decrease from the 2025 peak of over 2 million bpd.
• There is an estimated 10 million barrels of Russian crude available in Asian waters, partly due to Indian refiners reducing their intake.

Key Concepts Involved:

• Strait of Hormuz: A narrow waterway between Oman and Iran, crucial for global oil transportation.
• Crude Oil: Unprocessed petroleum, a key raw material for gasoline, diesel, and other fuels.
• LPG (Liquefied Petroleum Gas): A mixture of propane and butane, used as fuel in heating appliances, cooking equipment, and vehicles.