finance
India Plans Tanker Shipments Through Strait of Hormuz for Gulf Oil
India plans to send empty tankers into the Strait of Hormuz to load crude oil and LPG from Gulf producers. The move marks the first time India has attempted direct loading west of the chokepoint since the Iran war began. The strait has been nearly inaccessible for 80 days.
May 20, 5:20 AM·1m read1 source
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India plans to send empty tankers into the Strait of Hormuz to load oil supplies from Gulf producers, sources with knowledge of the matter told Bloomberg on Wednesday. The move is the first such Indian effort west of the chokepoint for loading crude and LPG since the Iran war began.
The Strait of Hormuz has been nearly inaccessible for 80 days. U.S. The strait handled 20 percent of global daily oil and LNG flows before the war. India has boosted imports of oil and LPG from places that do not require passage through the Strait of Hormuz.
Costs for those alternative imports are usually higher. Journey times are also much longer compared to the shorter routes from the Persian Gulf to India. The world's third-largest crude oil importer has been leaning heavily on Russian oil.
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