Topic
imports
Commodities India's Russian crude imports may hit 3 mbd record on Red Sea disruptions, Kpler says
India's crude oil imports from Russia could reach a new record of 3 million barrels per day (mbd) if disruptions through the Strait of Hormuz and Red Sea persist, according to Kpler. Current imports stand at about 2.6 mbd, accounting for roughly 55% of total crude imports, as Russian crude remains India's strongest supply hedge.
Commodities India Seeks Sunflower Oil Alternatives as Black Sea Disruptions Delay Shipments and Raise Prices
India, the world's largest edible oil importer, is scrambling for sunflower oil alternatives as attacks in the Black Sea delay shipments from top producers Russia and Ukraine by up to 60 days and push prices higher. Importers are turning to South American suppliers and rival oils like palm and soy, with palm imports expected to jump 40% in July. Local sunflower oil prices rose 6% this month, widening the premium over alternatives.
Commodities Cotton imports likely to rise to a record 60 lakh bales in 2025–26 season: CAI
The Cotton Association of India (CAI) has raised its cotton import projection for the 2025-26 season to a record 60 lakh bales (170 kg each), up 13 lakh bales from its earlier estimate, citing duty-free imports and robust mill purchasing. Exports were revised down to 15 lakh bales, while domestic consumption was increased by 10 lakh bales to 348 lakh bales. Total supply for the season is estimated at 452.59 lakh bales.
Logistics Indian Oil to Acquire 50% Stake in VLGCs as US LPG Imports Surge
Indian Oil Corporation plans to acquire a 50% stake in very large gas carriers (VLGCs) as it prepares to increase LPG imports from the United States. The move responds to a sharp rise in US LPG purchases—volumes in June were 145% higher than February—while Middle Eastern supplies decline. The tender targets vessels of 80,000-93,500 cubic metres, with bids due September 7.
Commodities India Plans to Source Up to Quarter of 2027 LPG Imports From United States, Sources Say
India plans to buy up to a quarter of its liquefied petroleum gas (LPG) imports from the United States in 2027, according to three sources. The move would reduce dependence on the Middle East and help secure a trade deal with Washington. State refiners Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum are expected to issue tenders within one to two months for US LPG supplies.
Commodities Russian Supply Disruption and Red Sea Threats Pose Fresh Risk to India's August Crude Imports
India's August crude oil imports face risk from Russian supply disruption after Ukrainian attacks on Novorossiysk port, as well as continued Houthi threats to Red Sea shipping. Russia, which supplies 50% of India's imports, saw July exports drop ~400,000 bpd MoM. Higher freight costs and shrinking discounts on Urals crude threaten to inflate India's import bill. Brent crude futures rose above $100/bbl on July 23.
Trade New U.S. Tariffs Target Imports From China, Mexico, Canada and 57 Other Economies
The Trump administration replaced its temporary 10% global tariff with a new Section 301 tariff regime covering 60 economies that account for 99.4% of U.S. imports. The duties, ranging from 10% to 12.5%, took effect July 24, 2026, and are based on forced labor investigations. Hundreds of product exemptions and tariff-rate quotas for textiles were also announced.
Commodities India Imports Over 32 Lakh Tonnes of Fertiliser in Q1, Secures Long-Term Overseas Supply Deals
India imported over 32 lakh tonnes of key fertilisers in the first quarter of the current financial year, supplementing domestic production of 115.72 lakh tonnes. The government is diversifying import sources through long-term agreements with Saudi Arabia, Russia, and other nations to mitigate supply chain risks.
Commodities India imports 25.08 lakh tonnes of urea in Q1, diversifies fertiliser supply sources
India imported 25.08 lakh tonnes of urea and 7.11 lakh tonnes of DAP in April-June 2025-26, according to government data. The Chemicals and Fertilizers Minister J P Nadda informed Parliament that the government is diversifying import sources, including long-term agreements with Saudi Arabia and Russia, to mitigate supply chain risks.
Commodities Government restricts low-priced suspension-grade PVC resin imports for six months
The Indian government has restricted imports of low-priced suspension-grade PVC resin for six months by imposing a minimum import price of USD 0.766 per kg. The move, effective immediately, changes the import policy from 'Free' to 'Restricted' for S-PVC under HS code 39041020. Exemptions are granted to export-oriented units (EOUs), SEZs, and units under the Advance Authorisation Scheme, provided the imported inputs are not sold into the domestic tariff area. The policy change follows an anti-dumping investigation by the DGTR that found material injury to domestic producers from dumped imports.
Trade US Imposes New Tariffs on 60 Trading Partners Over Forced Labour Claims
The United States is imposing new tariffs on imports from approximately 60 trading partners over allegations of inadequate action against forced labour. Duties range from 10% to 12.5% and target key economies including the UK, EU, Canada, Japan, and India, effective Friday. Canada faces additional 50% duties on some goods. The move escalates the global trade war reignited by President Donald Trump.
Commodities BPCL: No discounts on Russian crude for September cargoes amid Houthi threats
Bharat Petroleum Corporation (BPCL) reported that traders have stopped offering discounts on Russian crude for September 2026 delivery, as Houthi threats in the Bab al-Mandab Strait push Brent crude past $100 per barrel. The company has secured July/August supplies and booked some September cargoes, but faces uncertainty on future discounts. BPCL also posted a consolidated net loss of Rs 1,873 crore in Q1 FY27, citing stable retail fuel prices and LPG under-recoveries.
Intermodal Rail Volume Surges 7.2% as Carload Freight Slips in Weekly AAR Data
The Association of American Railroads reported intermodal traffic jumped 7.2% year-on-year in the week ending July 18, while carloads declined 1.2%. Total combined volume rose 3.4%. Year-to-date intermodal units are up 3.8%, and carloads up 2.9%. Coal and motor vehicles led carload declines. The data, covering U.S. railroads and North American networks, shows intermodal continuing to outpace traditional rail freight.
Logistics Fertiliser Vessels Stranded at Indian Ports as Peak Kharif Sowing Season Faces Disruption
Port congestion at Kandla, Mundra, Jawaharlal Nehru Port (Nhava Sheva) and Chennai has stranded multiple fertiliser-carrying vessels, delaying unloading and distribution during the critical kharif sowing season. The delays are exacerbated by rerouting due to geopolitical tensions, monsoon disruptions, and inland logistics bottlenecks. One vessel carrying 60,000 tonnes of DAP/NPK and another with 7,000 tonnes of urea have been awaiting berthing at Kandla since July 14.
Trade Trump's Generic Drug Tariffs Explained: What It Means for Indian Pharma Before the 200% Storm
US President Donald Trump unveiled a phased tariff plan for imported generic medicines: duty-free for two years from August 1, then 100% for one year, followed by 200%. For Indian drugmakers, the plan offers temporary relief but signals a long-term shift. India's pharma exports to the US account for 34% of total pharma exports, worth $30.47 billion in 2024-25. Leading companies with US manufacturing operations may have greater flexibility.
Commodities Russia, Latin America Fill Gap as India's Middle East Oil Imports Fall on Hormuz Disruptions
India's crude oil imports from the Middle East dropped 27% year-on-year in the April-June quarter to 1.55 million barrels per day, constrained by disruptions through the Strait of Hormuz following the US-Israeli attack on Iran. Imports from the CIS, including Russia, surged 8.3% to 2.26 million barrels per day, with Russian crude hitting an all-time high of 2.64 million barrels per day in June. Imports from Latin American suppliers such as Brazil, Venezuela, and Angola also increased, as Indian refiners adapted to supply route disruptions.
Trade Trump Imposes New 50% Tariffs on $20 Billion in Canadian Imports Using Section 338
President Trump on Monday announced new 50% tariffs on roughly $20 billion worth of Canadian imports using Section 338 of the Tariff Act of 1930. The duties, effective in 30 days, target Canadian goods after allegations of discrimination against U.S. autos, dairy, and alcohol. Exemptions include energy, critical minerals, and products already covered under Section 232.
Trade Trump Signs Executive Order Imposing 50% Tariff on Canadian Imports Effective August 19
US President Donald Trump signed an executive order imposing a 50% tariff on a wide range of Canadian imports, effective 19 August, in retaliation for what he called 'unequal treatment' of US cars, dairy and alcohol. The tariffs cover consumer items like wine and hockey sticks and industrial goods such as commercial cement, but exclude energy, potash, critical minerals and fish.
Trade UK Trade Deal: India Invites Applications for Car Import Quota Under CETA
India's DGFT has invited applications for the Tariff Rate Quota (TRQ) for importing 0.378 million conventional-engine passenger cars from the UK at a concessional 10% customs duty, down from 110%, under the India-UK CETA. The application window runs from July 21 to August 4, 2026.
Commodities Hormuz Disruptions: India's Russian Oil Imports Near Record in July Despite No US Sanctions Waiver
India's crude oil imports from Russia stayed near record highs in July, averaging 2.45 million barrels per day, despite the US not granting a sanctions waiver. UAE and Saudi Arabia are the second and third largest suppliers, while Venezuela entered the top five. Industry experts highlight India's flexible sourcing strategy amid the Hormuz disruption.
Trade IVPA Seeks Policy Review as Refined Edible Oil Imports from Nepal Breach 8 Lakh Tonnes
The Indian Vegetable Oil Producers’ Association (IVPA) has urged the government to review trade policy after duty-free refined edible oil imports from Nepal under SAFTA surged from 47,295 tonnes in 2023 to over 8.04 lakh tonnes in 2025 – a 17-fold increase. IVPA warns that the trend is shifting refining activity outside India, affecting domestic capacity utilisation, investment, and farmer welfare, and calls for stricter Rules of Origin verification under CAROTAR.
Trade India’s edible oil industry flags 17-fold surge in Nepal imports, seeks policy review
India’s edible oil imports from Nepal have surged more than 17-fold in two years, from 47,295 tonnes in 2023 to over 804,000 tonnes in 2025, according to the Indian Vegetable Oil Producers' Association (IVPA). The industry body is urging a comprehensive policy review under SAFTA, citing duty-free imports that are shifting refining activity outside India and causing an estimated customs revenue loss of ₹2,000–2,500 crore. IVPA President Sudhakar Desai called for stronger verification of Rules of Origin and a review of tariff structures to safeguard domestic value addition.
Commodities India’s Record $5.14 Billion Russian Crude Imports in June Bolster Energy Security Hedge
Indian refiners bought a record $5.14 billion worth of Russian crude oil in June 2026, according to CREA. Imports rose 34% month-on-month, with Jamnagar refinery seeing a 150% increase. The average price of Urals crude fell 26% to $63.18 per barrel, still above the EU/UK price cap.
Trade Textile sector to sew loose ends as FTAs kick in
The operationalisation of the UK-India free trade agreement eliminates tariffs up to 12% on textile exports, bringing parity with competitors. Industry body Indian Texpreneurs Federation expects exports to double to a 12% share in 4-5 years, but experts caution about structural challenges.
Business India's current account deficit likely to widen to 1.5% of GDP in FY27 as higher oil prices weigh: Report
According to a Crisil report, India's current account deficit is expected to widen to 1.5% of GDP in FY27 from 0.6% in FY26, driven by higher crude oil and commodity prices. The forecast follows official trade data showing the merchandise trade deficit widening to $30.4 billion in June. Crude oil prices are expected to average $82-87 per barrel this fiscal.
Commodities Why Has China's Oil Imports Fallen So Sharply, and What Does It Mean for Global Markets?
China's oil imports have dropped sharply from an average of 11.5 million bpd to around 8 million bpd since April, with June shipments at 40% of pre-Iran war levels. The decline, driven by lower fuel demand, electrification, and economic slowdown, has kept global prices in check but raised uncertainty about permanence.
Commodities Russia to Continue Supplying Half of India's Crude Oil Imports in July and August
India's crude oil imports from Russia are expected to keep June's record pace in July and August, with Russian barrels accounting for over half of shipments. Refiners are leveraging Russian crude as a hedge against supply disruptions from the Strait of Hormuz, while West Asian producers like Saudi Arabia and UAE try to regain share with price cuts and alternate routes.
Trade India-UK CETA takes effect: First zero-duty Indian coffee, jewellery consignments reach UK shores
The India-UK Comprehensive Economic Trade Agreement (CETA) took effect on July 15, 2026. The first zero-duty consignments of Indian coffee and jewellery have already arrived in the UK, displayed at a celebratory event at the High Commission of India in London. The agreement covers 99% of India's export tariff lines to the UK, with long-term bilateral trade expected to increase by £25.5 billion annually.
India identifies $51 billion in critical imports for domestic manufacturing push
India's internal government analysis has identified $51 billion in critical imports that could be replaced by domestic manufacturing, part of a $398 billion import substitution potential. The move aims to mitigate supply-chain risks and reduce reliance on China.
Trade PM Modi pushes to cut import dependence, boost domestic manufacturing to shield India from global shocks
Prime Minister Narendra Modi has ordered a push to replace high-import goods with local products. The Ministry of Commerce is preparing a list of over 100 products, while the cabinet approved a $19.7 billion incentive boost for chip and smartphone production. Economists say self-reliance is born of necessity.
Trade India-UK FTA Takes Effect: Scotch Whisky, Cars, Silver See Major Tariff Cuts
The India-UK Free Trade Agreement (FTA) took effect on July 15, 2026, marking a significant milestone in bilateral trade. Under the deal, 99% of India's tariff lines gain duty-free access to the UK, while India phases down duties on British goods including Scotch whisky, premium cars, silver, and medical devices over five to ten years. Key sectors such as dairy and cereals remain protected.
Commodities US sees India emerging as key buyer of its cotton in 2026 as global demand shifts
Gary Adams, President and CEO of the National Cotton Council, stated that India is expected to emerge as a key buyer of US cotton in 2026, driven by lower domestic production and monsoon concerns. The USDA raised India's import estimate to 56.9 lakh bales, while global cotton demand is projected to increase 1.5-2%. Cotton prices on ICE reached a two-month high of over 82 cents per pound, supported by higher crude oil prices and supply uncertainties.
Commodities India faces potential natural gas supply curtailments of up to 1.5 mt/month amid West Asia conflict
India faces potential LNG supply curtailments of up to 1.5 million tonnes per month due to the West Asia conflict disrupting shipments through the Strait of Hormuz, according to Wood Mackenzie. The crisis is forcing fuel switching, fertilizer plant shutdowns, and power sector load shedding in South Asia. Asian LNG demand is forecast to decline for a second consecutive year in 2026.
Commodities Indian edible oil imports plunge 30% in June as palm and soybean oil shipments fall
India's edible oil imports dropped 30% in June 2026 to 11.11 lakh tonnes, driven by a collapse in palm oil and soybean oil shipments. The decline reflects vanishing price discounts and global biofuel mandates, according to the Solvent Extractors’ Association of India.
Commodities Soybean imports surge to 7.77 lakh tonnes by June-end as domestic supplies fall short: SOPA
Soybean imports in India surged to 7.77 lakh tonnes by the end of June in the current oil year 2025-26, up manifold from 2,000 tonnes a year ago, due to a shortfall in domestic supplies, according to the Soybean Processors Association of India (SOPA). The trade body also revised down its soybean meal export forecast to 10 lakh tonnes from 20.23 lakh tonnes last season, citing higher domestic prices.
Trade How Trump’s Tax Credit Reversal Helped China Tech Power America's Cheapest EV
Slate, a Michigan-based automaker, launched the cheapest electric truck in the US at under $25,000, powered by lithium iron phosphate (LFP) batteries—a technology dominated by China. The repeal of the EV tax credit by the GOP-led Congress, fulfilling a Trump campaign promise, removed restrictions on Chinese battery content, allowing Slate to adopt LFPs. BloombergNEF predicts US EV sales will fall 19% in 2026 due to the policy change.
Trade India Tightens Scrutiny of Chinese Herbicide Imports Amid Anti-Absorption Review
India's Department of Revenue has tightened scrutiny on imports of Chinese herbicide glufosinate, directing customs to provisionally assess all imports pending an anti-absorption review by the Directorate General of Trade Remedies (DGTR). Importers must furnish financial guarantees for potential additional duties. Separately, anti-dumping duties on butyl alcohol from the US, Malaysia, and South Africa were extended for five years.
Commodities 15 India-Bound Ships Carrying Urea, DAP and Sulphur Cross Hormuz Safely: Government
The Indian government reported that 15 out of 20 vessels carrying fertilisers and raw materials have safely crossed the Strait of Hormuz, ensuring uninterrupted supply. Domestic production of urea, DAP, and NPK exceeded targets in Q1 FY27, and fertiliser stocks stand at 163.35 lakh tonnes as of July 2.
Commodities India's strategic gas storage: LNG buffer mandate for terminals in the works - what it means
India is planning to require LNG terminal operators to create additional storage capacity as a strategic gas reserve, allowing cost recovery through higher regasification charges. The move follows supply disruptions through the Strait of Hormuz during the Iran conflict. Separately, India is diversifying LPG imports, with the US emerging as the largest supplier, and oil marketing companies are asked to prepare a roadmap for a 30-day strategic LPG reserve.
Commodities 145% rise in LPG imports: India plans to double US purchases to cut Gulf dependence
India is doubling its contracted LPG imports from the US after a 145% rise in June compared to February, driven by the US-Iran war and Strait of Hormuz closure. The US share of India's LPG imports jumped from 8% in 2025 to 65% in June. Despite diversification, analysts say reliance on Gulf supplies will continue.
Commodities Aluminium Association Urges PMO to Protect Indian Industry from Surging Low-Quality Scrap Imports
The Aluminium Association of India (AAI) has appealed to the Prime Minister's Office to protect the domestic aluminium industry from a surge of low-quality scrap imports. Imports reached 3.48 million tonnes in FY26, with a forex outgo of over ₹88,400 crore. The association is seeking higher basic customs duty and publication of quality standards to curb low-grade scrap inflows.
Commodities India's June Palm Oil Imports Plunge to 14-Month Low as Demand Weakens, Dealers Say
India's palm oil imports fell to a 14-month low in June, dropping 10.5% month-on-month to 492,000 metric tons, according to dealer estimates. The decline was driven by weak demand, hand-to-mouth buying, narrowing discounts to soyoil, and a severe cooking gas crisis.
Trade EU crackdown on small parcels: New customs rules and fees take effect July 1
The European Union’s new customs rules for low-value parcels took effect July 1, eliminating the duty exemption for goods under €150 and imposing a flat €3 fee per product category. A further processing fee of €2–3 is expected in November. The measures target e-commerce imports from China, with volume rising 314% since 2022 to $5.8 billion in 2025. Early data shows freighter capacity from China to Europe fell 19% in 48 hours.
Regulations & Compliance India Initiates Anti-Dumping Probes on Five Products from China, Other Nations
India's Directorate General of Trade Remedies (DGTR) has initiated anti-dumping probes on five products from China and other nations, including moulded soda-lime glass vials, electric tractors, cyanuric chloride, polyethylene terephthalate film above 100 microns, and carbon raiser made anthracite coal. Domestic firms have filed applications alleging material injury from dumped imports.
Commodities India imported record crude volumes in June despite West Asia tensions: Kpler
India imported a record 4.93 million barrels per day of crude oil in June 2024, the highest June volume on record, despite ongoing geopolitical tensions in West Asia. Russian crude imports climbed to around 2.6 million bpd, reinforcing Russia's position as India's largest supplier. Kpler analyst Sumit Ritolia attributed the resilience to proactive diversification and procurement strategies.
Commodities India plans to cut reliance on West Asian oil after Iran war shock
India's state oil refiners are planning to reduce their reliance on the Middle East following the supply shock of the Iran war. Processors will lean more on spot-market purchases and trading house deals, and diversify supply from Guyana, Brazil, and the US. The country also plans to build strategic reserves to cover up to a month of domestic demand.
Commodities India's Crude Imports Bounce Back to Pre-Conflict Levels as Refiners Diversify Sources
India's crude oil imports have rebounded to near pre-conflict levels despite Middle East disruptions, as refiners diversified away from Gulf suppliers. HSBC reports that Russian crude, trading at a discount, has become a key alternative. A temporary 'mini-glut' from reopened Hormuz shipping is expected to ease as inventories are rebuilt.
Commodities India's Russian Oil Imports Hit Record High in June Amid Hormuz Disruptions
India imported a record 2.70 million barrels per day of Russian crude in June, more than half of its total oil imports, as refiners sought discounted barrels to offset supply risks from the Strait of Hormuz crisis. Overall imports held steady at around 4.9 million bpd, with Russia displacing Middle Eastern supplies.
Commodities India's crude imports rebound to pre-conflict levels as refiners diversify sourcing: HSBC
India's crude oil imports have recovered to pre-conflict levels despite Gulf disruptions, driven by successful diversification to Russia, the US, Oman, West Africa, and South America, according to an HSBC Global Research report. The report notes that Russian oil remains attractively priced, and a temporary oversupply of Gulf crude is expected to fade.
Commodities Pakistan Backtracks on Energy Gamble, Buys Emergency LNG as Qatar Exports Stay in Limbo
Pakistan has reversed its strategy of staying out of the spot LNG market, issuing an urgent tender for a cargo from BP Plc at $16.74/MMBtu — above Asia spot levels — as Qatar's LNG exports through the Strait of Hormuz effectively halt following attacks on vessels. The purchase follows a previously cancelled Qatari shipment that forced Pakistan to pay $19.13/MMBtu, the highest since 2022. The energy crunch is feeding into broader economic pressure, with CPI rising 11.7% in May.
Trade India Launches Anti-Dumping Probe into Electrical Steel Imports from China, Three Other Nations
India's Directorate General of Trade Remedies (DGTR) has launched an anti-dumping investigation into imports of Cold Rolled Grain Oriented Electrical Steel and Amorphous Metal from China and three other unnamed nations. The probe follows a complaint by JSW JFE Electrical Steel Nashik Pvt Ltd alleging injury to the domestic industry. Separate probes were also initiated on sodium nitrite from China and Para Nonylphenol from Russia and Taiwan.
Commodities How Venezuela’s Strongest Earthquake in a Century Could Disrupt India’s Crude Oil Imports
Venezuela was hit by its strongest earthquakes in over a century, with magnitudes 7.2 and 7.5, causing widespread damage. While oil infrastructure largely escaped major structural damage, the power grid has been disrupted, raising uncertainty over production. India, which has sharply increased crude imports from Venezuela in recent months, faces potential supply risks.
Logistics Uncertainty? Imports Surge 40% at Busiest U.S. Container Gateway Port of Long Beach
The Port of Long Beach saw imports surge 40% in May 2026 to 418,851 TEUs, contributing to a 31.7% year-over-year increase in total throughput. CEO Noel Hacegaba cited tariff uncertainty, rising fuel costs, and geopolitical concerns as drivers of earlier peak-season cargo movement. Trans-Pacific rates have risen significantly as carriers adjust capacity.
Commodities India's LPG imports from US to cross 1 million tonnes amid Middle East disruption
India's imports of liquefied petroleum gas (LPG) from the United States are set to cross 1 million metric tonnes in June for the first time, as disruptions in the Middle East force a shift in sourcing. The move comes after supplies through the Strait of Hormuz were disrupted, leading to a sharp drop in April imports and a subsequent recovery via US cargoes. Indian refiners bought record volumes despite higher premiums, while the government implemented measures to boost domestic production and reduce consumption.
Commodities India's LPG imports from US set to cross 1 million tons in June, sources say
India’s LPG imports from the US are poised to exceed 1 million metric tons in June, a record, as the closure of the Strait of Hormuz forces New Delhi to seek costlier alternatives. Imports from the US are expected to reach 1.1-1.2 million tons, while supplies from the UAE via Oman's Sohar port are recovering. The government has also taken steps to reduce domestic LPG consumption by 15-20%.
Trade India slaps anti-dumping duty on rubber chemical imports from China, EU and US
India has imposed an anti-dumping duty on imports of rubber chemicals from China, the European Union, and the United States, according to a report from the TOI Business Desk. The duty targets rubber chemicals, though specific rates and effective dates were not detailed in the source.
Commodities As Strait of Hormuz blockade continues, India pivots to US for record LPG and LNG imports in June
India's LPG and LNG imports from the US hit record levels in May 2026 as the Strait of Hormuz blockade disrupts Gulf flows. Provisional June data shows continued reliance on US supply, with LPG imports up 52% year-on-year and LNG up 46%. Analysts expect a gradual reopening from early July, with LPG flows normalizing first.
Commodities India ramps up Russian, UAE oil purchases as refiners hedge ahead of Hormuz full reopening
India increased crude oil imports from Russia to an average 2.66 million barrels per day in June (through June 19), up from 1.91 million bpd in May, while maintaining near-record UAE imports at 636,000 bpd ahead of the Strait of Hormuz reopening, according to Kpler data. The purchases reflect refiners' hedging strategy amid ongoing geopolitical risks, with Russian discounted barrels and UAE supplies offsetting Gulf uncertainty. LPG flows are expected to normalise fastest once the strait fully reopens.
Commodities India boosts Russian, UAE oil purchases in June ahead of full Hormuz recovery
India's crude oil imports from Russia surged to 2.66 million barrels per day in June, while UAE imports stood near record levels, as refiners diversified supplies ahead of the full reopening of the Strait of Hormuz. Imports from the US dropped sharply, and Venezuela emerged as India's fourth-largest supplier. According to Kpler analyst Sumit Ritolia, the recovery of flows through the Strait will be sequential, with LPG normalising first, followed by LNG and crude.
Commodities India diversifies LPG imports from West Asia conflict zones as OMCs absorb price shock
India drastically shifted its LPG import sources during the West Asia conflict, reducing dependence on the Gulf from 90% to a more diverse portfolio including the US, Iran, and others. The Saudi Aramco Contract Price surged 46% between February and June, but household prices rose only 10% as oil marketing companies absorbed the shock, incurring under-recoveries of ₹651 per cylinder and cumulative losses of ₹22,000 crore. LPG consumption fell sharply, with commercial users hit hardest.