India's LNG Imports Surge as Diversified Sources Offset Hormuz Crisis

India's LNG imports have seen a significant increase in the May-July period, rising by 15.4% to 7.08 million tonnes compared to the same period last year.

This surge can be attributed to the country's ability to quickly ramp up imports from regions unaffected by the Strait of Hormuz crisis, which saw a sharp decline in imports from Qatar and the UAE.

The US was the top source of LNG for India during this period, accounting for 2.19 million tonnes, followed closely by Nigeria at 1.31 million tonnes and Oman at 1.22 million tonnes.

LNG imports from these countries saw significant increases, with the US up 252.8% year-on-year, Nigeria up 123.8%, and Oman up 340.9%.

Despite this increase in imports, LNG prices are expected to remain high due to the ongoing crisis at the Strait of Hormuz, which is likely to constrain affordability and push some sectors to alternative fuels.