India's Russian oil buy rises 50% in March amid supply shortfall

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- OUR CORRESPONDENT

India’s purchase of Russian crude oil has surged 50 per cent in March as New Delhi tapped alternate sources to make up for the shortfall arising from disruption in the Middle East amid a widening military conflict.

India bought about 1.5 million barrels of Russian oil this month, up from 1.04 million bpd in February, ship tracking data showed.

India, the world’s third-largest crude importer, sources 88 per cent of its oil needs from abroad. It consumes 5.8 million barrels per day, of which 2.5-2.7 million barrels came from Middle East countries like Saudi Arabia, Iraq, and the UAE via the Strait of Hormuz.

The chokepoint also carried 55 per cent of India’s cooking gas (LPG) and 30 per cent of liquefied natural gas (LNG), used for power, fertilizers, CNG, and household cooking. The ongoing conflict has largely halted shipments through the strait, forcing India to seek alternative crude sources from Russia.