Indian refiners bought 60 million barrels of Russian crude oil since March 5: Report

Indian refiners have shifted back to Russian crude oil, buying around 60 million barrels of the geopolitically sensitive commodity from Moscow since March 5th. This move comes as the closure of the Strait of Hormuz (SoH) has severely impacted 40 per cent of India's total oil imports. The disruption in the Persian Gulf has forced Indian state-owned and private refiners to seek alternative sources to maintain domestic energy stability and prevent supply shortages. The report highlights that the logistical shift is a direct response to the heightened risks in Middle Eastern shipping lanes.