India Boosts Gulf Oil Imports as Russian Crude Loses Its Price Advantage

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India has imported more crude oil from the Persian Gulf than from Russia so far in November, as Russian crude has lost its price advantage and Hormuz shipping flows recover. Kpler data cited by Bloomberg estimates Gulf imports at 2.1 million barrels per day, compared with 1.8 million barrels per day from Russia.

India has imported higher volumes of crude oil from the Persian Gulf than from Russia so far in November, for the first time since the Iran war broke out and disrupted the normal supply chain through the Strait of Hormuz. So far this month, India is estimated to have imported about 2.1 million barrels per day (bpd) of crude oil from the Persian Gulf, compared to 1.8 million bpd flows from Russia, Bloomberg reported on Thursday, citing data by Kpler. This is yet another sign that Strait of Hormuz flows have materially recovered in recent weeks,…