India's Crude Oil Diversification Strategy
Recognising its vulnerability to Middle East supply disruptions, India has systematically diversified its crude oil sourcing over the past decade. Russian crude became India's largest single-country supplier in 2023-24 (approximately 36% market share), with supplies routed via the Cape of Good Hope and other non-Hormuz routes.
- Russia: ~36% of India's crude imports (2024), routed primarily via non-Hormuz sea routes
- Iraq: second-largest supplier, approximately 20% (transits Hormuz)
- Saudi Arabia: third-largest, approximately 15% (transits Hormuz)
- UAE: approximately 5-7% (transits Hormuz)
- India increased non-Hormuz sourcing from approximately 55% pre-war to ~70% during the 2026 conflict
- Alternate routes: Russian crude via ESPO pipeline to Pacific ports loaded on tankers that bypass Hormuz entirely; US crude (WTI) via Cape of Good Hope
● Tracked since March 12, 2026 · last seen April 21, 2026 · updates as the daily brief publishes
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