India's Exposure
Hormuz and Energy Security
India is the world's third-largest consumer of crude oil and imports approximately 87% of its consumption. Over 60% of India's crude oil imports historically came from Persian Gulf countries (Iraq, Saudi Arabia, Kuwait, UAE), with a significant portion transiting the Strait of Hormuz. Following the outbreak of the West Asia conflict in February 2026, India has increased non-Hormuz sourcing to approximately 70% of crude imports (up from 55%), reflecting an active diversification drive. Any sustained closure or fee imposition on Hormuz would directly affect India's energy import costs and supply security.
- India's crude oil import dependence: approximately 87% of consumption imported
- Gulf/West Asia share: historically over 60% of crude imports from Gulf states
- Post-February 2026: India increased non-Hormuz sourcing to ~70% of crude imports
- India's crude oil import bill: one of the largest contributors to the current account deficit
- India ratified UNCLOS in 1995 and is a strong advocate of freedom of navigation and the UNCLOS framework
● Tracked since March 11, 2026 · last seen May 25, 2026 · updates as the daily brief publishes
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