India Seeks US Marine Insurance Cover Amid Strait of Hormuz Disruptions

India is seeking marine insurance cover from the United States to ensure oil shipments through the Strait of Hormuz remain uninterrupted. The Indian government has approached the International Development Finance Corporation (IDFC) for coverage, which would provide financial guarantees for maritime trade in the area.

The move comes as India currently holds crude oil stocks for 25 days and finished fuels for a similar period. However, the closure of the Strait of Hormuz has reduced LNG deliveries into India, leading to gas supply cuts for industries.

India is also working with producers and traders to secure extra cargoes from alternative regions, including West Africa, Latin America, and the US. The country's oil minister, Hardeep Singh Puri, has discussed market conditions with the IEA and OPEC.