India buys more Russian, Latin American crude as Middle East supplies dip

India increased its crude oil purchases from Russia and Latin America during the April-June quarter, while imports from the Middle East declined as supplies through the Strait of Hormuz were constrained following the US-Israeli attack on Iran, according to data from industry sources quoted in a Reuters report.Before the conflict erupted, the Strait of Hormuz, located between Iran and Oman, served as the primary transit route for nearly one-fifth of global oil supplies.India stepped up imports from Moscow once Washington granted a temporary waiver, helping offset reduced supplies from Gulf producers caused by the disruption of traffic through the strategically important Strait of Hormuz.India’s crude oil procurement trendsThe data showed that crude imports from the Middle East fell about 27% to 1.55 million barrels per day during the April-June period, the first quarter of the current financial year.