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India Diversifies Crude Suppliers as Russia Dominates Imports
The US-Iran war and disruptions around the Strait of Hormuz made oil supplies less predictable.
India buys much of its oil from other countries, so it looked for additional suppliers.
It bought oil from 31 countries between March and August, compared with 24 previously.
Venezuela became an important new source, especially in August.
However, most of India’s oil still came from a few major suppliers.
Russia provided 47% of India’s crude during this period.
That meant India’s supplier choices became more concentrated even though it added more countries.
India’s total crude imports also fell by 5%.
India sourced crude from 31 countries between March and August, up from 24 in the previous six months.
Russia’s share of India’s crude imports rose to 47%, compared with 29% in the preceding period.
The five largest suppliers accounted for 76% of imports, down from 79%, while supplier concentration still increased.
India’s HHI rose 56% to 2,513, and total crude imports fell 5% to 4.77 million barrels per day.
Venezuela became India’s fourth-largest supplier in August as shipments from Saudi Arabia, the United States and Iraq declined.
- Who
- India, its refiners and crude-oil suppliers including Russia, Venezuela, Saudi Arabia, the United States and Iraq.
- What
- India added suppliers and changed its import mix, but Russia’s larger share increased overall supplier concentration.
- Where
- India’s crude-import market, amid disruptions to Middle Eastern oil flows and the Strait of Hormuz.
- When
- During the six months from March through August, described as the seventh month of the US-Iran war.
- Why
- India sought to protect energy supplies after war-related disruptions affected global oil flows.
Key facts
- Crude-import period
- March-August
- Countries supplying India
- 31, compared with 24 in the preceding six months
- Russia’s import share
- 47%, up from 29%
- Top-five supplier share
- 76%, down from 79%
- Supplier concentration
- HHI rose 56% to 2,513 from 1,606
- Total crude imports
- 4.77 million barrels per day, down 5%
- Venezuela’s August position
- India’s fourth-largest crude supplier
Sources
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