India Isn’t Rushing Back to Middle Eastern Oil Despite Hormuz Reopening
Indian refiners have enough crude to last them two months, so they will not be scrambling to buy Middle Eastern cargoes expected to be coming out through the reopened Strait of Hormuz anytime soon. According to a Bloomberg report, however, Middle Eastern producers have approached Indian buyers to start taking in volumes under long-term contracts. The buyers are not eager to do so, unnamed sources told the publication. The Indian government is yet to give the green light to Indian tankers setting off for the Persian Gulf to load the long-term contract…