India Ups Oil Imports from Russia and UAE in June Amid Strait of Hormuz Uncertainty

India significantly increased its oil imports from Russia and the United Arab Emirates (UAE) in June, according to data released by the country’s trade ministry. The surge in imports comes ahead of the anticipated reopening of the Strait of Hormuz, a critical shipping route that has been partially closed due to regional tensions.

The data shows that India imported 1.5 million barrels per day (mb/d) from Russia in June, up 15% from the same period last year. Meanwhile, oil imports from the UAE reached 2.4 mb/d, representing an increase of 12% compared to June 2022. The total oil imports into India for the month stood at 3.9 million barrels per day (mb/d), marking a 10% rise year-over-year.

Analysts attribute the increase in Russian and UAE oil imports to concerns over potential disruptions in global supply due to the ongoing tensions in the Middle East. The Strait of Hormuz, which is a key passage for crude exports from the region, has been partially closed since June 2021 following an attack on an Israeli-managed tanker. With the anticipated reopening of the strait expected soon, India’s oil imports are likely to be closely monitored by market observers.

The increased reliance on Russian and UAE oil supplies may also have implications for India’s energy security and its commitment to reducing carbon emissions. As the country continues to navigate complex global politics and economic trends, its energy strategy will remain a crucial aspect of its overall growth plans.

Source: original report.