If the closure of the Strait of Hormuz is extended or the conflict intensifies with attacks on oil and gas infrastructure in the Middle East Gulf (MEG) region, domestic refiners will have to manage supplies from “anywhere possible
As per news agency Bloomberg Government officials and state refiners met over the weekend to work on a contingency plan as the Iran-Israel war threatens oil supplies to India. Russian crude is being considered once again, despite the threat of potential punitive tariffs from the US, according to the news outlet.
Indian oil ministry officials are requesting the MEA to try and get concessions from Washington
Sources said that Indian public and private sector refiners are already procuring non-sanctioned Russian crude oil. However, if the closure of the Strait of Hormuz is extended or the conflict intensifies with attacks on oil and gas infrastructure in the Middle East Gulf (MEG) region, domestic refiners will have to manage supplies from “anywhere possible”.
“In such a scenario, Russian crude at sea is among the best possible alternatives. Supplies from the US, South America and West Africa will take anywhere between 30 and 45 days, which can be an issue if this war extends further,” said a government source.
