India's crude imports tumbled thirteen percent in March as geopolitical tensions disrupted Middle Eastern supplies. The Strait of Hormuz blockade forced Indian refiners to pivot dramatically toward Russian oil, which nearly doubled to 2.25 million barrels per day. Russia now supplies half of India's crude imports, a historic shift driven by U.S.-Iran conflict halting traditional shipping routes. Middle Eastern shipments collapsed 61 percent to multi-year lows, reducing OPEC's share of India's imports to just 29 percent. Indian refiners compensated by aggressively purchasing Russian floating oil after securing American waivers for sanctioned supplies. The Trump administration extended these waivers for another month, signaling continued access to Russian crude. Angola and African suppliers gained ground as India diversified its energy portfolio away from volatile Middle Eastern sources.
