India Seeks Diversified Crude Supplies Amid Middle East Conflict
Indian refiners are struggling to find alternative crude supplies as their term shipments from the Middle East are trapped due to the ongoing conflict. As a result, they are exploring new sources in Africa and South America.
Vetsa Ramakrishna Gupta, finance director at Bharat Petroleum Corporation Limited (BPCL), confirmed that the company is diversifying its crude sourcing outside of the Strait of Hormuz.
HPCL's managing director Vikas Kaushal stated that they 'hardly got anything' from their term contracts with Middle Eastern suppliers in the first quarter, forcing them to make decisions based on availability rather than optimization.
India's crude oil imports from Russia have remained high, but some state refiners have suspended loadings from Iraq due to security concerns.