ReportedShipping, energy & marketsIndia; Strait of Hormuz
India says disrupted shipping routes are raising oil import costs
- Mountain Time
- Local time
- 2:30 PM UTC
- Where
- India; Strait of Hormuz
Indian Oil Minister Hardeep Singh Puri said global crude supply exceeds demand but choked routes, including disruption around the Strait of Hormuz, and higher freight costs are keeping oil prices elevated.
Why it matters
India is identifying transport capacity and freight costs rather than physical crude scarcity as the immediate constraint on delivered oil supplies.
Source
- OilPrice.comoilprice.comPublished
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