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Amid Hormuz closure, refiners look at other crude sources
Business Standard
|March 03, 2026
Indian refiners are considering alternative crude oil sourcing options that bypass the Strait of Hormuz, including supplies from West Africa, Oman and the US, as the crisis in West Asia deepens, three people aware of the development told Business Standard.
In the near term, they are also looking at “oil on water” for spot purchases.“This is the first time that the Strait of Hormuz has been blocked. Ships are currently not passing through the route due to the high risk. Our immediate plan is to diversify sources and buy crude oil that will not pass through Hormuz. We will also look at cargoes in safe waters,” said a refinery executive who did not wish to be named.
“Oil on water” refers to crude oil that has been loaded on a ship and is at sea but has not yet been delivered to the buyer at the destination port.
After recent Western sanctions, the volume of such shipments has risen sharply.
India's oil marketing companies (OMCs) are also expected to draw on inventories, estimated at 25 days.
This story is from the March 03, 2026 edition of Business Standard.
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