India Continues Russia Crude Import As Iran War Hurts Oil Supply: Sources

India is in a very comfortable situation regarding energy security, government sources have told NDTV Profit, stressing that there is no need to panic amid disruptions in the oil markets due to the Middle East war. India continues to import crude oil from Russia, they said, putting the import figures at 1.4 million barrels per day.

Oil production has been hit across the Middle East amid strikes on major oilfields in the Gulf, with the situation aggravating due to Iran's blockade of the Strait of Hormuz, a narrow maritime chokepoint that handles 20% of global oil supplies.

Saudi Aramco's Ras Tanura refinery and Iraq's Rumaila oil field were among the world's major oil supply units that have been struck over the past few days.

Read: Oil Hope For India? Iran Says Hormuz Strait Only Closed To US, Israel, Europe

Reports suggest that Iraq, which is among the world's largest crude producers, has slashed output by 1.5 million barrels a day due to a lack of storage and an export route.

However, government sources indicate that India has enough stock for energy supplies for the next few weeks.

There is no shortage of liquefied petroleum gas (LPG) or liquefied natural gas (LNG) either, sources said. India currently has energy stock for 50 days, including 25 days of ready products and 25 days of raw stock, they added.

The sources insisted the stock is being replenished every day.

Qatar, the biggest LNG producer in the Middle East, has declared force majeure on gas exports amid the crisis, as reports indicate that it may take nearly a month to return to normal production.

However, sources said that Qatar handles only 20% of the global gas supply, and it supplies less than one-third of India's total gas imports.

Read: India Most Vulnerable To Prolonged Disruptions To Mideast Oil, Analysts Say

India is in touch with other suppliers, they insisted, adding that Australia and Canada have also offered to sell gas to India. Recently, India has also signed a contract with the UAE and the US, sources added.

New Delhi is also in talks with the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) for alternative supplies, besides other suppliers and trading entities.

The US and Israel's war against Iran has shot up oil prices amid a prolonged closure of the Strait of Hormuz. Brent crude went up to $83.07 per barrel this morning. However, despite such a hike in global prices, sources have ruled out any possibility of increasing petrol and diesel prices in India.