India's refinery operations remain strong despite the ongoing crisis in the Strait of Hormuz, according to Pulkit Agarwal, Head of India Content at S&P Global Energy. He noted that India has diversified its crude oil purchases significantly over the past two months, particularly increasing imports of Russian oil. This strategy has allowed India to maintain a steady supply of fuel, with refinery run rates staying robust. Agarwal emphasized that while the closure of the Strait of Hormuz has impacted global energy markets, India's proactive approach has kept domestic fuel supplies stable. He pointed out that Indian consumers are currently shielded from the full brunt of rising global crude prices, which could reach $120-130 per barrel in the coming months. However, he acknowledged that India's strategic petroleum reserves are not on par with those of larger economies like China, Japan, and South Korea, which poses a challenge for future energy security. Agarwal indicated that even if the conflict were to end immediately, it would take 10-20 weeks for Middle Eastern energy flows to stabilize.