Red Sea Crisis

India's Saudi Oil Imports Face 50% Freight Hike Amid Red Sea Blockade

Indian oil importers are experiencing a significant 50% increase in freight costs for crude shipments from Saudi Arabia due to the ongoing Houthi Red Sea blockade. This disruption primarily affects oil supplies from Saudi Arabia's Yanbu port, a key alternative for India, forcing vessels to take longer routes and adding to the nation's import expenses. Saudi Arabia currently stands as India's third-largest oil supplier.