India uses almost 90 lakh tonnes of bitumen a year, but domestic refineries produce only around 54 lakh tonnes, leaving the country reliant on imports from West Asia. More than 99% of those imports come from Iraq, UAE, Iran, Oman and Bahrain. Imports fell to 2.36 lakh tonnes in April 2026, down 21% from April 2025, as the West Asia conflict disrupted flows. The supply squeeze is lifting refineries’ effective demand for heavier crude, which yields more bitumen in processing.

Ukraine carried out a second air strike this week on an oil refinery in the Moscow region, sparking a fire, and also hit targets in Rostov and in Ukraine’s occupied territories. President Volodymyr Zelenskyy described the attacks as a justified response to Russian strikes on Ukrainian communities. The raids followed a major Russian attack on Kyiv involving ballistic missiles and drones after President Vladimir Putin warned of “systemic strikes.”

The United States is relying on a large network of ship-to-ship oil transfers to keep Gulf crude exports moving. Reuters said the approach closely resembles tactics long associated with Iran’s sanctions-evasion operations. The shift suggests shipping through the Strait of Hormuz has faced material disruption, pushing producers and consumers toward costlier and less efficient alternative logistics routes. The report did not cite specific production or inventory figures but pointed to mounting structural pressure on global spot crude flows.