India urgently seeks US insurance support and launches a global purchasing spree with a "bypassing the strait" model

Golden Ten Data, March 5th — According to an informed Indian government official, India has held talks with the United States seeking clarification on a proposed mechanism to provide insurance for oil tankers and other vessels passing through the Strait of Hormuz. As about 40% of India's crude oil imports must traverse the narrow Persian Gulf route, the risks faced by the country are increasing. Mangalore Refinery and Petrochemicals Ltd., a subsidiary of the state-owned Oil and Natural Gas Corporation of India, has shut down a crude distillation unit due to a shortage of raw materials. Indian officials stated that, in response to the current situation, India is negotiating with global state-owned oil companies and traders to purchase crude oil and liquefied petroleum gas from their international inventories that do not pass through the Strait of Hormuz. The official noted that despite setbacks, current crude oil and refined oil inventories remain at comfortable levels, and there is no need to halt fuel exports at this stage.