- About 60% of India's crude imports now come via alternate routes to boost energy security
- Strait of Hormuz blockade by Iran has halted passage of ships and disrupted global fuel flow
- US has warned Iran of severe retaliation if Strait of Hormuz oil flow is disrupted again
The Strait of Hormuz blocked by Iran amid its war with the US and Israel, India has started sourcing its crude oil from 40 countries in a diversification meant to bolster its energy security. Roughly 60 per cent of India's crude imports now arrive by alternate corridors, the government has said. The shift marks a departure from its decade-old reliance on 27 suppliers, sources said.
The Strait of Hormuz, narrow shipping lane between the Persian Gulf and the Gulf of Oman, is critical for global fuel supply - with at least one-fifth of global oil and natural gas transported through it. But Iranian attacks have practically stopped the passage of ships through it.
Now, there is no possibility of supplies resuming through the Strait of Hormuz in near future, sources said. But while earlier, procurement via other channels was 55 per cent, it has now been upped to 70 per cent.
Sources said officials are in regular touch with multiple countries to ensure uninterrupted energy supply chain.
Read: Temporary LPG Crisis After Hormuz blockade Resolved: Sources
According to government data, the country currently imports oil and energy resources from 40 nations including Algeria, Angola, Argentina, Australia, Belgium, Brazil, Brunei, Canada, Colombia, Ecuador, Egypt, Equatorial Guinea, Ghana, Greece, Guinea, Iraq, Israel, South Korea, Kuwait, Libya, Malaysia, Mexico, Netherlands, Nigeria, Norway, Oman, Panama, Qatar, Saudi Arabia, Senegal, Togo, Turkey, United Arab Emirates, United Kingdom, United States and Venezuela.
India is also continuing its supplies from Russia, which has been the country's primary supplier. "Last month.04 million barrels were bought every day. It was almost 20 per cent of our supply," sources said.
Read: Trump Threatens To Take Over Strait Of Hormuz If Iran Tries "Anything Cute"
On Monday, Minister of State for Petroleum and Natural Gas Suresh Gopi had assured Rajya Sabha that the current total national capacity for storage of crude oil and petroleum products is 74 days.
"The government has established Strategic Petroleum Reserves facilities with a total capacity of 5.33 million metric tonnes (MMT), which can act as a buffer for short-term supply shocks such as geopolitical conflicts. This is meant to provide for about 9.5 days of crude oil requirement. In addition, Oil Marketing Companies (OMCs) in the country have storage facilities for crude oil and petroleum products for 64.5 days," he had said n a written reply.
Read: Iran War Delivers Fresh Shockwave To Global Economy
Earlier on Tuesday, US President Donald Trump issued his latest warning to Iran regarding the Strait of Hormuz, saying any attempt to block or disrupt the vital oil route would trigger overwhelming American retaliation.
"If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far," Trump said in a statement posted on Truth Social.
