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India's crude imports unaffected by Israel-Iran conflict: experts
The Business Guardian
|October 05, 2024
Ongoing conflict between Israel and Iran is not expected to have a significant impact on India's crude oil imports, as experts pointed out that India's crude imports from Iran are almost negligible.
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India currently imports oil from around 40 different countries, including Russia, Iraq, Saudi Arabia, Abu Dhabi, and the USA, which helps manage its supply needs.
However, the conflict does increase the risk of price volatility in global oil markets.
Experts suggest that any sharp rise in crude oil prices above USD 80 per barrel is likely only if the conflict escalates and disrupts key supply routes, such as the Strait of Hormuz, a critical passage for global oil shipments.
This story is from the October 05, 2024 edition of The Business Guardian.
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