India Looks for Oil in Latin America and Africa After Iran Shuts Strait of Hormuz

India Looks for Oil in Latin America and Africa After Iran Shuts Strait of Hormuz

Indian refineries are seeking alternative sources of oil from Latin America and Africa due to Iran’s disruption of shipping through the Strait of Hormuz, in the latest example of major energy importers pursuing alternative supply chains to avoid the easily-threatened Hormuz chokepoint.

India Urged to Diversify Trade Routes Amid Hormuz Crisis: EY - India Seatrade News

India needs to diversify its trade routes and accelerate the development of alternative connectivity corridors, including the India-Middle East-Europe Economic Corridor (IMEC) and the Indo-Pacific route through the Malacca Strait, to reduce its dependence on the Strait of Hormuz, according to EY’s Economy Watch report for May. The report said mounting pressures arising from the West Asia crisis and the changing global trade and economic order co…

India diversifying oil imports beyond Gulf region: Top official

New Delhi: India is diversifying its sources of oil and gas imports to make up for the shortfall in supplies caused by the choking of the Strait of Hormuz amid the West Asia crisis, a senior official said on Friday. "Energy security is very important for us. We are trying to diversify our sources from across the world, and that is our policy at present. We welcome whatever support we can receive from various markets around the world," said Randh…

Strait of Hormuz shutdown: A visual guide to world's most critical oil chokepoint

Data shows how the outbreak of the Iran war in February and the closure of the Strait of Hormuz saw trade grind to a halt, triggering a severe global energy shock. Source link The post Strait of Hormuz shutdown: A visual guide to world’s most critical oil chokepoint appeared first on Daily news Update.

India Looks for Oil in Latin America and Africa After Iran Shuts Strait of Hormuz - The Political Signal

Indian refineries are seeking alternative sources of oil from Latin America and Africa due to Iran’s disruption of shipping through the Strait of Hormuz, in the latest example of major energy importers pursuing alternative supply chains to avoid the easily-threatened Hormuz chokepoint. The post India Looks for Oil in Latin America and Africa After Iran