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India plugs oil gap as Middle East supplies sink
- India has increased purchases of Russian oil and resumed supplies from Africa, Iran, and Venezuela to offset a crude shortfall from the Middle East, analysts say.
- India usually gets about half its crude oil via the Strait of Hormuz, which has seen very little traffic since attacks on Iran started on February 28.
- India's high oil import dependence and relatively small reserves make it vulnerable to sudden oil price increases, warn analysts.
- In March, Indian refiners imported nearly 1.98 million barrels per day from Russia, nearly double the amount imported in January and February.
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It has been almost two months since the conflict in West Asia began. On February 28, the US-Israeli joint strike on Iran. Since then, trade through the Strait of Hormuz has come to a near standstill. India imports half of its crude oil requirements through this route. Amid these supply disruptions, India has quickly turned to alternative sources to cope with the shortage of crude oil. According to analysts, India has increased its oil purchases …
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Total News Sources23
Leaning Left1Leaning Right6Center7Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
C 50%
R 43%
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