NEW DELHI: Amid concerns over oil supply concerns due to Middle East tensions , govt assured that India has enough reserves for “robust” energy supplies to deal with the situation.
“Held a very positive informal interaction with members of the media fraternity to brief them about various aspects of the energy scenario in the light of the geopolitical situation in the Middle East.” said Puri on X.
Further addressing the energy needs he added, “We discussed how the trilemma of energy availability, affordability and sustainability continues to guide India’s approach under the leadership of PM Narendra Modi Ji which is focused on meeting the energy requirements of our citizens.”
Assuring stable supply the union minister further said, “Informed the media persons that India has sufficient energy reserves to deal with the ongoing situation. Was joined by senior officials of Petroleum Ministry and captains of India’s PSU energy entities at the interaction.”
Later, offering further details on the maintaining of supplies, the ministry of petroleum and natural gas, in a press release, stated that they have “robust supplies”.
“It was informed that India is the third largest importer, fourth largest refiner, and fifth largest exporter of petroleum products globally. The country is well stocked with crude oil and inventories of key petroleum products including petrol, diesel and ATF to deal with short-term disruptions arising from the Middle East,” it said.
“In the last few years, India has ensured both availability and affordability of energy for its population by diversifying its sources. Indian energy companies now have access to energy supplies that are not routed through the Strait of Hormuz. Such cargoes will remain available and help mitigate supplies that may be temporarily affected enroute through the Strait of Hormuz,” it further stated.
Offering more assurances, the ministry added, “The Ministry has established a 24×7 Control Room to continuously monitor the supply and stock position of petroleum products across the country. At present, the Government is reasonably comfortable in terms of stocks. Safeguarding the interests of Indian consumers remains the highest priority. Based on continuous monitoring, the Government is cautiously optimistic that phased measures can be taken, if required, to further mitigate the situation.”
This came as concerns were raised around India’s oil availability, being a fast-growing consumer of oil. Its vulnerability to supply shocks stems from the relatively small reserves and strategic oil reserves, according to analysts.
India’s reliance on Middle Eastern crude, particularly shipments routed through the Strait of Hormuz, has reportedly increased in recent months following a reduction in oil imports from Russia.
The risks facing major India along with other Asian economies signifies how far the fallout from the US–Israel strikes on Iran has spread. Those attacks, along with subsequent retaliatory action, have effectively shut down shipping through the Strait of Hormuz, a critical chokepoint for global energy supplies, leaving economies that rely heavily on Middle Eastern oil exposed to supply disruptions and rising costs.
’25 days of petrol and diesel inventory’
While the petrol and natural gas ministry offered assurances, more government sources, cited by ANI, said that, “India has 25 days of crude oil inventory, 25 days of Petrol and Diesel inventory.” ” India has a total of 8 weeks of crude oil and petroleum products inventory. Only 40% of India’s crude moves through the Strait of Hormuz, and 60% of the rest of the crude comes from other sources,” they added.
The ANI sources went on to claim that India is continuing to buy Russian oil as per old contracts. US President Donald Trump have made claims that India has stopped buying Russian oil completely, while India has not issued any formal statement and have cited only “national interests” for fulfilling their energy needs.
Further echoing the public stance of the govt they assured, “India is in a comfortable position in terms of energy security, LPG and LNG. Govt is keeping a close eye on the evolving situation in the Middle East”, adding that there’s “no Immediate plan to raise the prices of Petrol-Diesel” but they’re “scouting for alternative sources for importing crude oil, LPG and LNG”.
