India Diversifies Crude Imports

IndiaCrude now arrives from about 43 countries.

India’s petroleum secretary says prices there rose just 7%, while oil rose over 45%.

Hormuz carried a fifth of global oil and gas before the war, so India added UAE crude, now 15% of imports.

“I am more worried about the volatility than the absolute levels of crude,” said Neeraj Mittal, India’s petroleum secretary.

Polymarket traders give a US-Iran Hormuz agreement by December 31 a 37% chance, up 5 points in a week.

How each outlet framed it

The National: quotes India's petroleum secretary claiming prices rose only 7% pre- to post-crisis, and that US LPG reached 67% of imports, presenting diversification as a success