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10 hours ago
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Summary
As the Iran war disrupts Gulf oil supply, India may be turning to Russian crude again, regardless of what Washington makes of it. It’s about time the US accepts that oil is an openly traded commodity—and that’s good for the global market.
Could India be returning to Russia for oil supplies? Going by a Bloomberg report, it seems so. Two shipments of Russian crude oil that were originally headed for East Asia have reportedly been redirected towards India and are expected to unload this week, with one already having reached Paradip.
Though there has been no word from New Delhi, this seems pragmatic, given how supplies from West Asia have been cut-off as a result of America’s war in alliance with Israel on Iran that led Tehran to block the movement of ships through the Strait of Hormuz.
While the White House has promised insurance back-up and even naval escorts to ease passage, Iran seems in control of it. Last heard, the US sounded keen to make India’s ending of oil imports from Russia a condition for a trade deal with New Delhi. But at this juncture, we need to prioritize energy security.
A shift away from Russian oil, as New Delhi was seen to have embarked on, can only be done if it risks no instability. If the US wants to keep a global oil shock at bay, it should acknowledge that crude oil is best treated as just another highly fungible commodity. Its origin should concern us less than its availability and price.
English (US) ·