Russia Says India Signals Fresh Interest In Russian Crude Oil Imports Amid Strait Of Hormuz Disruption

Moscow: Russia on Tuesday claimed that India has signalled "renewed interest" in importing larger volumes of Russian crude oil amid disruptions in energy supplies following the closure of the Strait of Hormuz after US and Israeli strikes on Iran.

The Strait of Hormuz is the world's most critical oil shipping chokepoint. It is facing disruptions after Iranian actions in response to US and Israeli strikes.

"Yes, we are getting signals of renewed interest from India,” Deputy Prime Minister Alexander Novak told the state-run TV Rossiya 1 on the sidelines of an event in Moscow.

Nearly a fifth of the world's oil supply and a significant share of liquefied natural gas exports pass through the narrow waterway linking the Persian Gulf with global markets.

Any prolonged restriction on traffic through Hormuz threatens to disrupt energy supplies to major importers, including India, China and Japan, and drive up global crude prices.

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Novak, who oversees Russia’s energy sector, did not rule out the possibility that the European Union could also ease its decision to curtail imports of Russian hydrocarbons in view of the unfolding energy crisis.

Meanwhile, Russia's NTV channel, owned by energy giant Gazprom, said the escalation of hostilities and Iran's strikes on oil and gas infrastructure in Gulf countries could help Moscow reduce the "deep discounts" it has been offering to Asian buyers, including India.

(Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)