India Resumes Iraqi Oil Imports Despite Hormuz Shipping Risks

AI Summary

India has resumed importing Iraqi crude oil despite risks associated with shipping through the Strait of Hormuz. State refiners such as Mangalore Refinery and Petrochemicals Limited have chartered tankers to secure Middle Eastern crude supply.

Indian state refiners are back to buying Iraqi crude that would have to transit the Strait of Hormuz, in a sign that the world’s third-largest crude oil importer seeks to bring supply from the Middle East after the tentative reopening of the chokepoint. State-owned Mangalore Refinery and Petrochemicals Limited (MRPL), which operates a 300,000-barrels-per-day refinery in southern India, has chartered a tanker to load crude from Iraq, sources from the shipping industry told Reuters on Tuesday. This is the first Indian state refiner to charter…