Indian refiners have turned to Latin American and African countries for oil imports following disruptions in the Middle East due to the Israeli-US war on Iran, which restricted shipping in the Strait of Hormuz.
Key Takeaways
India has shifted its oil imports to Latin America and Africa due to disruptions in the Strait of Hormuz caused by the Israeli-US war on Iran. This shift includes increased purchases from Venezuela, Brazil, Angola, and Nigeria while continuing Russian oil imports. India's overall oil imports remained steady at 4.57 million barrels per day in April but were down 15.5% year-over-year.
The world's third-largest oil importer and consumer typically sourced most of its crude from nearby Middle Eastern countries until the conflict began at the end of February. According to preliminary data from Kpler, Indian refiners increased imports from Venezuela, Brazil, Angola, and Nigeria in April and May to compensate for the shortfall while continuing to buy Russian oil.
In April, India skipped purchases from Iraq as exports were halted but received Iranian oil after a seven-year gap following a temporary waiver granted by Washington. Imports from Russia decreased by about 29.4% from March to 1.6 million barrels per day due to maintenance at Nayara Energy's refinery.
Overall, India imported 4.57 million barrels per day of oil in April, unchanged from March but down 15.5% year-over-year. Imports from the United Arab Emirates rebounded to 669,700 barrels per day in April from 230,600 barrels per day in March, while intake of Saudi Arabian oil remained at about 619,500 barrels per day.
The UAE and Saudi Arabia are the only Gulf producers with pipelines that bypass the Strait of Hormuz. The share of OPEC countries in India's imports rose to 45.2% in April from about 30% in March. Russia remained India's top oil supplier, followed by the UAE and Saudi Arabia.
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