Sharp rebound! India’s crude inventory hits almost 1-year high; strong oil imports help replenish stocks depleted during US-Iran war

According to estimates from Kpler, a global real-time data and analytics provider, India’s crude oil inventory stood at 104 million barrels at the end of June, up significantly from 90.5 million barrels at the end of April. With the closure of the Strait of Hormuz during the conflict threatening nearly 40% of India’s crude oil imports, refiners moved quickly to source alternative supplies from global markets.