West Asia war: Russia says oil tap open for India

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Russia has always been open to supplying crude oil to India, Russian Ambassador Denis Alipov said on Thursday, amid concerns over spiralling prices of petroleum products in view of the West Asia crisis.

Global oil and gas prices have surged after Iran has blocked the Strait of Hormuz, a shipping lane between the Persian Gulf and the Gulf of Oman, that handles roughly 20 per cent of global oil and Liquefied Natural Gas.

India imports 88 per cent of its crude oil needs and roughly half of its natural gas requirement.

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