India Boosts Russian Crude Procurement as Hormuz Closure Disrupts Gulf Supplies
The Strait of Hormuz was effectively closed in early March, trapping tankers carrying Gulf crude in the Persian Gulf. This sudden disruption forced oil refiners to urgently seek alternative sources of supply. India responded by stepping up its procurement of Russian crude to compensate for the shortfall. The shift in demand influenced the pricing dynamics of Russian crude as Indian buying activity intensified.
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