Iran has taken control of the Homurz Strait. Due to which the supply of oil in the international market has stopped. Due to which an increase in the prices of crude oil may be seen. Whose effect can be seen on the economy of countries like India and China. But as always, Russia has come forward as a troubleshooter to support India in this time of crisis. Deputy Prime Minister Alexander Novak said on Wednesday that Russia is ready to increase oil supplies to China and India, which could provide a potential buffer amid rising tensions in the Strait of Hormuz, Interfax news agency reported.
How much Russian oil is coming to India?
Russia maintained its position as India’s largest crude supplier in February, while Saudi Arabia narrowed the gap with record shipments. Kpler data showed that Russia’s imports stood at just over 1 mbd in February, down from 1.1 mbd in January, while Saudi Arabia increased volumes by nearly 30% month-on-month to more than 1 mbd. The announcement comes as Iran’s Islamic Revolutionary Guard Corps (IRGC) has claimed full control of the strategic waterway, which is a vital chokepoint for oil and gas shipments around the world. “Right now, the Strait of Hormuz is under the full control of the Islamic Republic’s navy,” Guards Navy official Mohammad Akbarzadeh told Friars News Agency, warning that ships attempting to pass through the route could face threats such as missiles or stray drones.
India’s daily 2.52.7 mbd oil comes from here
This development comes after US President Donald Trump’s statement on Tuesday, in which he said that the US Navy is ready to escort oil tankers through the corridor. This shows Washington’s commitment to maintaining freedom of navigation amid increasing hostility. About 252.7 million barrels per day (mbd) of India’s crude imports pass through the Strait of Hormuz, mainly from Iraq, Saudi Arabia, UAE and Kuwait. Ongoing military attacks in the region have disrupted cargo movement, forcing Indian refiners to look for other sources.