- India is assessing the Iran-Israel conflict's impact on oil and gas supply.
- Officials are prepared for potential shortages due to diversified energy sources.
- India has reserves in place to cover fuel needs for several weeks.
India is closely reviewing the Iran-Israel conflict to assess the impact on crude oil and gas supply, sources have said.
Officials at the Petroleum and Natural Gas ministry have been looking at the potential impact of escalating Iran-Israel conflict.
Sources said because of India's diversified energy sources and dependence on countries in the western hemisphere, it is prepared for any potential shortage. It has reserves in place for at least a few weeks.
India will look at increasing supply from alternative energy sources, including those from West African nations, to ensure fuel supply security in case Iran blocks the Strait of Hormuz.
Sources said there is more crude oil coming to market and that there is no shortage of supply.
India is getting oil from Brazil , Guyana, Canada, US and others too.
Till 2025, the Strait of Hormuz didn't close even once. Only one third of India's oil supply comes from it. Indian officials are also factoring in increased freight corridors charges and rise in pricing.
Senior oil ministry officials and industry leaders are conducting scenario analyses and preparing contingency plans for potential supply disruptions and price volatility.
38 percent of India's oil comes from Russia and of the 5.6 million barrels per day, only 1.2 million barrel comes through Strait of Hormuz.
The oil ministry reports that India maintains crude oil and petroleum product storage facilities capable of meeting 74 days of domestic consumption requirements. The strategic petroleum reserves account for 9.5 days of this total capacity.
