India’s oil imports from Russia recorded a 90% increase in March compared to the previous month. This growth occurs within a complex context, where the global energy supply faces significant disruptions.
Furthermore, the rebound coincides with a nearly 15% drop in the country’s total crude imports. The main cause has been the disruption in the Strait of Hormuz, one of the most important routes for energy transport worldwide.
US waiver boosts Russian crude trade
The United States’ decision to grant a temporary 30-day waiver allowed India to acquire Russian oil that was already in transit, facilitating the increase in oil imports at a critical time for supply.
Likewise, Russia continues to consolidate its position as a key supplier for India, offering competitive alternatives to traditional market limitations.
Gas decline and pressure on energy supply
In contrast, liquefied natural gas imports suffered a heavy impact. Shipments from Qatar fell by 92%, affected by QatarEnergy‘s declaration of force majeure and restrictions in the Strait of Hormuz.
Similarly, liquefied petroleum gas imports fell by 40%, increasing pressure on the country’s energy security.
India diversifies its oil and gas imports
Given this scenario, India has intensified its search for alternative suppliers. African countries such as Angola, Ghana, Gabon, and Congo have increased their participation, although they still represent a limited portion of the total.
On the other hand, India is expected to begin receiving oil from Venezuela in April. There is also the possibility of incorporating Iranian crude, which would further expand its diversification strategy.
Key infrastructure to bypass the Strait of Hormuz
Meanwhile, Middle Eastern producers have adapted their operations through the use of alternative pipelines, such as Saudi Arabia’s East-West pipeline and the United Arab Emirates’ Habshan-Fujairah pipeline. These have allowed the energy flow to India to be partially maintained, reducing the impact of maritime restrictions.
Outlook: An energy market in transformation
Everything indicates that oil imports from Russia will remain relevant in the coming months. The combination of geopolitical, logistical, and commercial factors is redefining the global energy map.
In this context, India continues to adjust its strategy to guarantee supply and reduce risks in the face of future disruptions.
Source: The Times of India