India has reportedly increased its crude oil purchases from Russia and the amid Israel-Iran ongoing conflict.
Indian refiners are expected to import 2 million to 2.2 million barrels of crude oil per day in June 2025, which is the highest level of russian oil imports in the last two years.
After US got involved in the conflict, the news has come forward.
It is pertinent to mention that India’s primary suppliers for crude oil in the Middle East are nations like Saudi Arabia and Iraq.
India started importing cheaper oil from Russia soon after the Russia-Ukraine war in February 2022 due to the higher discounted rates post the economic sanctions from the United States.
Closure of Strait of Hormuz
According to reports, Iran’s parliament has voted to close the Strait of Hormuz, through which around 20 per cent of the world’s oil and gas flows
This may increase the price of petrol and lead to potential oil shortages.
