India’s oil map is changing as Hormuz risk mounts
India is diversifying its crude oil sources amid tensions over the Iran Strait of Hormuz, according to data and analysis by Kpler. Venezuelan imports have surged to become India's fourth-largest supplier, with 444,000 barrels per day, surpassing Iraq and the US. Russia still leads as the largest supplier, accounting for roughly half of India's crude imports.
India has also bolstered purchases from Latin American and African producers as Middle Eastern supplies face disruptions. Industry experts predict a balanced approach, including domestic production, overseas diversification, strategic reserves, and a gradual shift towards alternatives like gas, biofuels, EVs, and renewables. Despite diversification efforts, India's crude imports remain crucial, and any major disruption could lead to higher oil prices and costs.
India's energy strategy aims to strengthen domestic production, enhance supply security, and invest in alternative energy sources to reduce reliance on oil imports in the long run.
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