Reuters: Indian refineries buy spot Russian oil amid war with Iran

Indian oil refineries have begun purchasing spot cargoes of Russian crude to offset supply disruptions caused by the military conflict involving Iran.

According to Reuters, refineries in India are buying millions of barrels of Russian oil on the spot market.

The country remains vulnerable to such shocks as the Iranian conflict. Its oil reserves are sufficient to cover only 25 days of demand, while about 40 per cent of its oil imports pass through the Strait of Hormuz.