The world is facing fuel sector problems as energy prices reached record highs in the US, where a fuel crisis is observed. In this situation, Donald Trump called on Europe to provide its reserves, while China imposed restrictions on fuel exports. Furthermore, rising tensions in the Strait of Hormuz are intensifying the global fuel shortage, while the price of crude oil has risen to $102 per barrel.
Despite this, India demonstrated outstanding results by achieving the highest volume of crude oil imports in September. This record is due to a sudden increase in oil supplies from Persian Gulf countries.
In September, India's crude oil import volume amounted to 5.26 million barrels per day. According to an ET report, after the start of the war between Iran and the US in February, India became the second largest supplier after Iraq.
According to Kpler, in September, Saudi Arabia, Iraq, UAE, Kuwait, Oman, and Qatar accounted for 39% of India's total crude oil imports. Iraq supplied 525,000 barrels of crude oil daily, followed by Saudi Arabia with 517,000 barrels, and the UAE with 438,000 barrels. Kuwait provided 335,000 barrels.
India imported the largest volume of crude oil from Russia—1,872,000 barrels. India also imported 125,000 barrels from the US, as well as significant volumes from countries such as Venezuela, Nigeria, and Oman.
Due to the renewed tensions between Iran and the US, crude oil prices have risen again and remain above the $100 mark. Experts warn that if this situation persists for a long time, it could lead to higher prices for gasoline and diesel fuel in the country, as well as affect the economic situation through inflation.