Gulf Oil Bargains Lure India Away From Russia as Freight Soars

India’s imports of Middle Eastern crude rebounded to 2.8 million barrels per day in September, returning to pre-war levels as shipments through the Strait of Hormuz recovered. Russian crude imports fell 14% month on month to about 1.8 million barrels per day, as narrowing discounts weakened its price advantage. Competition from Chinese buyers has also pushed up Russian crude prices. Gulf oil is increasingly attractive because of shorter voyages and lower shipping costs, even as freight rates rise globally. Russia remained India’s largest supplier in September.