India’s crude flows hold steady as Russia and UAE offset Red Sea risks
- Indian crude imports have mostly come from Russia since the Hormuz crisis broke, with US waivers paving the way for continued imports
- Imports from Yanbu rose since the crisis broke out in February, but attacks by Houthis could spook shipowners from further liftings
- Barrels from the UAE started picking up from April, with STS transfers off the Gulf of Oman allowing continued flows despite the Hormuz blockade
Total imports have fallen since the crisis began. A fourth US waiver on Russian crude oil would mitigate any additional supply disruptions to a tightening crude oil market
