Venezuela, Russia step up crude shipments, India benefits
The U.S.-Israel war on Iran has roiled global energy and equities markets, sending oil prices skyrocketing after Tehran virtually closed the key Strait of Hormuz.
| Photo Credit: LOIC VENANCE
Amid a global crude oil crisis triggered by the Iran war and the closure of the Strait of Hormuz, India is likely to have lapped up most of the increased crude oil shipments from Venezuela and Russia.
According to BIMCO, one of the world’s largest shipping associations, global crude shipments fell 16% after the war began compared with the first nine weeks of the year.
Published – April 15, 2026 09:06 pm IST
