According to Reuters, Russia is prepared to divert crude oil shipments to India in response to disruptions in oil flows from the Middle East (especially through the Strait of Hormuz) due to escalating conflict in the region
India is vulnerable to supply shocks, with crude stocks covering only about 25 days of demand, while refiners hold similarly limited inventories of gasoil, gasoline and liquefied petroleum gas.
Russia is willing to send more oil to India if it wants it, Alexander Novak has said.
“We are always ready. Our oil is in demand. If they buy it, we'll sell it,” he said.
Indian officials have recently shown renewed interest in Russian crude, despite earlier pressure from the US, he added. (Interfax)
