India Lost Roughly 3 Million Barrels Per Day of Hormuz Dependent Crude. It Has 30 Days of Reserves.
India is the world’s third largest oil importer. This month the US waiver on Russian crude expired on April 11 and the US Navy blockaded Iranian ports on April 13. Indian refiners lost about 3 million barrels per day of Hormuz transiting supply. Strategic reserves cover 30 days. China’s cover 300.