India’s crude oil stocks have fallen 15% since late February, according to Kpler, as imports ease amid the Iran conflict. While refinery run rates have held up, the gap is being covered by moderate inventory drawdowns from refinery storage and other stockpiles. Analysts warn this strategy can’t last if supply constraints continue, potentially forcing lower processing rates. The Strait of Hormuz is also near-closed, cutting Gulf output and tightening global supply heading into peak summer demand.
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