When the road got blocked in Hormuz, India opened a new door, oil and LPG are reaching everywhere… Old friend played true friendship

highlights

• oil import from russia Record increase of more than 82%, India’s energy security gets big support
• Due to war in West Asia, movement of ships through the Strait of Hormuz is severely affected.
• India’s crude oil imports from Gulf countries recorded a huge decline in March
• Amidst the crisis, India strategically increased oil imports from Russia.
• According to experts, this has avoided a major impact on the country’s energy supply.

India’s new energy strategy amid global crisis

The ongoing war in West Asia has shaken the energy supply of the entire world. The increasing tension between Iran and Israel and America’s activism in the region have made the global oil market unstable. The biggest impact of this crisis has been on the Strait of Hormuz, which is considered one of the most important maritime oil routes in the world.

In such a situation, the news of relief for India is that oil import from russia An unprecedented increase has been recorded. This increase is not only considered commercial but also strategic. Experts believe that at this time oil import from russia Is working like a protective shield for India.

Strait of Hormuz crisis and global energy supply

The Strait of Hormuz is one of the world’s busiest maritime oil routes. Under normal circumstances, about 20 percent of the world’s oil and LNG passes through here. This route is even more important for India because a large part of the country’s crude oil comes through this route.

After the war started in West Asia, the movement of ships through this sea route has been greatly affected. Tanker companies have limited the movement of their ships due to security reasons. This has had a direct impact on the supply of oil from Gulf countries.

This is why India rapidly changed its import strategy and oil import from russia Tried to compensate for this shortcoming by increasing.

Big decline in oil imports from Gulf countries

The data for the month of March clearly shows that there has been a huge decline in India’s oil imports from Gulf countries.

According to reports:

• Imports from Iraq are approx. 69.2% decline
• Close to imports from UAE 72.8% reduction
• In supply from Saudi Arabia and Kuwait More than 45% decline

This decline is directly linked to increasing military tensions in West Asia and instability of sea routes.

In these circumstances for India oil import from russia Has emerged as an important option. Energy experts say that if this option was not adopted on time, the country’s energy security could have been in serious trouble.

Record jump in oil imports from Russia

After the supply from Gulf countries decreased, India rapidly turned to Russia. in the first 25 days of March oil import from russia in approximately 82.3 percent increase Was recorded.

According to the data:

• India’s imports from Russia in March are approximately 1.9 million barrels per day (bpd) reached
• Russia’s share in India’s total oil imports increased from 20.1% to 45.2% it’s done

Experts estimate that in the entire month of March oil import from russia About 2 million barrels per day Can reach.

This figure is considered much higher than in previous years. This also makes it clear that India has shown the ability to rapidly change its energy strategy in times of global crisis.

Currently limited impact on energy security

India meets its total crude oil requirement of approx. 88 percent import Does. Therefore, any kind of crisis in the international market can directly affect the country’s economy.

However, in the current situation, experts believe that the impact of the crisis has been limited.

The main reasons for this are:

1. oil import from russia sharp increase in
2. Commercial reserves with Indian refineries
3. Availability of alternative supply sources

Energy analysts say that about Shortage of 8 lakh barrels per day It has definitely come, but it has not had any major impact on the refinery operations.

Fast strategic response of Indian refineries

As supplies from Gulf countries dwindled, Indian refineries rapidly changed their procurement strategy. he immediately oil import from russia Balanced the supply shortage by increasing.

Reasons for this strategic move:

• Refinery production remained normal
• Domestic supply of petrol and diesel was not affected
• Export of petroleum products also continued at almost normal level

It also reflects the strength of India’s refining capacity and market management.

Increasing global importance of Russian oil

Interestingly, until recently, Russian oil was finding it difficult to find buyers in the global market. But after the current crisis oil import from russia The demand has increased rapidly.

Experts point out that:

• India and China remain the largest buyers of Russian oil
• Due to increasing demand, Russian oil is no longer available at huge discounts like before.
• In many cases this oil is now premium price is also being sold

Despite this, for India oil import from russia Is proving strategically beneficial.

What will happen next: Eye on Hormuz Passage

Energy market experts say that the situation in the coming months will largely depend on the situation in the Strait of Hormuz.

If this route becomes normal soon, India can again increase imports from Gulf countries. But if the stress persists for a long time, oil import from russia Can become a permanent part of India’s energy strategy.

Some experts also believe that the crisis will push India to become more diverse in its energy supply in the future.

For India amid the increasing war in West Asia and the crisis of sea routes. oil import from russia Has emerged as a big relief. Despite the huge decline in supplies from the Gulf countries, India has succeeded in balancing its energy needs.

This situation reflects not only business changes but also the strength of India’s strategic energy policy. If the global crisis continues for a long time in the future, then oil import from russia Can become an even more important pillar of India’s energy security.