India Turns to Russia, Brazil, and Venezuela for Crude

The world’s third-largest crude importer, India, is accelerating efforts to diversify its oil imports in the wake of the Middle East crisis. India had begun raising imports from Russia three years before the Iran war cut off most supplies from the Middle East, on which India relies for about half of its crude purchases. With the Strait of Hormuz de facto closed and only a handful of tankers moving out of the chokepoint per week, and few of these India-bound, the country is looking further away for sources of crude. Africa and South America…