New Delhi : The global oil market has been shaken due to increasing tensions in the Middle East and attacks on Iran affecting the movement of ships in the Strait of Hormuz. India, which is the world’s third largest crude oil importer, is alert to this situation. Russia has now promised to help in supplying energy to India. The government says that the country has sufficient reserves and the search for alternative sources is also going on. Due to this, despite the rise in oil prices, there is less possibility of immediate crisis.
Ready to supply additional energy to India
Let us tell you that Russian sources told Reuters that Moscow is ready to supply additional energy to India if the Gulf crisis deepens. India had earlier decided to gradually reduce Russian oil purchases, but now with the status of the agreement with America being uncertain, this option has become stronger again. Petroleum Minister Hardeep Singh Puri said that the country is fully prepared to deal with short-term disruptions.
India has a total of 50 days of crude oil
According to government sources, India has a total stock of crude oil and petroleum products of 50 days, which includes 25 days of crude oil and 25 days of refined products. Half of India’s crude oil and LPG are imported through the Strait of Hormuz. Ship insurance companies are withdrawing cover after the US-Israel attacks and Iran’s warnings, which have affected transportation.
Plan to increase LPG and LNG imports
Authorities have planned to increase crude oil, LPG and LNG imports from alternative countries. Many supplies are no longer dependent on Hormuz. The price of Brent crude has reached above $80 per barrel, which is about 10 percent higher since the crisis started. This may increase India’s import bill and affect inflation.
Ministry created 24×7 control room
The Petroleum Ministry has set up a 24×7 control room, which is monitoring fuel availability across the country. to current stock "reasonably comfortable" It has been told. On the instructions of the Civil Aviation Ministry, the Airports Authority of India has sought details of aviation fuel stock and seven-day requirements from all international airports. This step has been taken as a precaution.
At present India’s position is strong
One-third of global seaborne crude oil and 20 percent of LNG passes through the Strait of Hormuz. Prolonged disruption could have widespread impacts. At present, India’s position is strong, but the government is keeping a backup plan ready for every situation. Russia’s support and exploration of diverse sources is further strengthening energy security.
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