India steps up efforts to bolster oil security

India’s oil imports from the Middle East have rebounded in the past couple of months as supplies through the Strait of Hormuz have gradually recovered and the discount on Russian oil has largely disappeared. But refiners’ plans to trim purchases under Gulf supply contracts and the sharp rise in imports from Venezuela show a desire to pursue alternatives in order to boost oil security. This should leave the economy better prepared than in the past to mitigate oil shocks.