India’s imports of Middle Eastern crude oil surged in September, returning to pre-war levels, while its refiners cut back purchases of Russian oil amid stiff competition with China, ship tracking data showed, Reuters reports.
Refiners snapped up spot cargoes as Middle Eastern producers and traders cranked up shipments through the Strait of Hormuz, easing supply constraints caused by the Iran war.
The world’s third-biggest oil importer initially raised Russian crude imports to compensate for reduced Middle Eastern supplies at the onset of the war.
