Refiners in India, the world’s third-largest crude oil importer, are seeking to boost supplies from the Middle East and other nearby nations as recent attacks on ships in the Red Sea raise the risk of longer shipping time and higher costs, according to people familiar with the matter.
Shippers turned cautious about entering the Red Sea in recent weeks due to multiple attacks by Yemen’s Iran-backed Houthi rebels. That prompted massive diversions, with many ships taking a longer route around the Cape of Good Hope, adding as much as three weeks to the voyage. Vessels carrying cargoes from the producers in the Mediterranean and North Sea are among those affected, as they travel the Suez Canal and Red Sea en route to Asia.
