From Reuters, March 5:
India is in talks with the United States to secure marine cover for vessels shipping oil from the Middle East, as New Delhi seeks to shield buyers from potential supply disruptions caused by the crisis in the Gulf, a government official said on Thursday.
"So far we are comfortable," the official, who did not wish to be identified, said, adding that the oil ministry is in discussions with major producers and traders to secure oil, liquefied petroleum gas (LPG), and liquefied natural gas (LNG).U.S. President Donald Trump has ordered the U.S. International Development Finance Corporation to provide political risk insurance and financial guarantees for maritime trade in the Gulf.
He also said the U.S. Navy could begin escorting vessels through the Strait of Hormuz, the narrow shipping lane between Iran and Oman through which around a fifth of global oil and gas supplies normally pass.
India, the world's third biggest oil importer, relies on the Middle East for about 40% of its oil imports and about 85-90% of LPG imports.The official said India is looking at buying oil from all sources, including Russia, to replenish crude stocks. Indian refiners had reduced Russian oil intake to help New Delhi clinch a trade deal with Washington.
India has already increased imports of oil and cooking fuel LPG from the United States....
....MUCH MORE
