India's crude oil imports near pre-conflict levels as refiners diversify supply

India's crude oil imports have rebounded close to pre-conflict levels after refiners shifted purchases away from traditional Gulf suppliers. Increased buying from Russia, the United States, and other regions has helped offset disruptions caused by Middle East tensions. Russia continues to be a preferred source for Indian refiners due to its competitively priced crude. Although the Strait of Hormuz has reopened, Asian refiners remain cautious about quickly ramping up Gulf purchases. Their restraint is driven by existing cargo commitments and ongoing refinery maintenance schedules.