India's state-run refiners, led by Indian Oil Corp. Ltd., are considering Russian crude oil as a contingency plan due to the escalating Iran war, which has choked the Strait of Hormuz and threatens India's oil imports.
The Strait of Hormuz carries nearly half of India's daily oil imports, and refiners are exploring options to fill the shortfall, including tapping into Russian oil tankers loitering near India's waters.
New Delhi has been cutting back on Russian oil purchases in response to US pressure, but now officials are pushing for the Union Ministry of External Affairs to seek room for manoeuvre from Washington.
India has supplies that could last up to two weeks, but oil ministry officials are urging the government to consider curbing fuel exports to secure enough supply for domestic consumers.
Other alternatives include tapping into India's strategic petroleum reserve, fast-tracking supplies from Venezuela, and pushing domestic producers to raise output.
