S&P: India Boosts Energy Diversification Amidst Hormuz Market Turmoil
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Hormuz Disruption Forces India to Diversify Energy Sources: S&P Global
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Firstpost•18-03-2026, 18:32
Hormuz Disruption Forces India to Diversify Energy Sources: S&P Global
•Strait of Hormuz disruption exposes India's deep energy dependence on West Asia, forcing refiners and gas buyers to seek alternatives.
•Crisis triggers broad supply-side shock across oil, gas, shipping, and chemicals markets, impacting India's energy security.
•India's crude imports, 50-55% through Hormuz, face price shocks and logistical issues; refiners diversify to Atlantic Basin and Russia, incurring higher costs.
•LPG and LNG markets also under stress; India heavily relies on Middle Eastern LPG and 60% of LNG imports pass through Hormuz.
•Petrochemical prices surge 31-67%, facing a 'triple whammy' of halted imports, reduced Far East supplies, and lower domestic output.
