Amid Rising Israel-Iran Tensions, Puri Assures India Has Abundant Energy Supplies to Weather Any Storm

New Delhi, June 13 (PTI) – Amid rising global tensions impacting major energy supply regions, India’s Oil Minister Hardeep Singh Puri assured that the country has sufficient energy reserves for the upcoming months. In a recent post on X, he shared insights from a routine review on energy availability that included discussions with leaders from the Indian oil industry.

Puri emphasized India’s strategic approach to energy management, noting, “India’s energy strategy is shaped by successfully navigating the trilemma of energy availability, affordability, and sustainability.” He reiterated confidence in the nation’s capacity to meet energy demands in the near future.

Meanwhile, global oil prices surged to their highest levels since January following recent clashes between Israel and Iran, raising concerns about regional stability. The price of Brent crude oil surged more than 10% shortly after news broke of the escalating conflict, stabilizing around USD 75 per barrel, which still reflects a more than 5% increase compared to Thursday’s closing figures.

India’s dependence on oil imports is significant, with the nation sourcing over 85% of its crude oil and about half of its natural gas requirements from abroad. Notably, over 40% of India’s oil imports and about half of its natural gas are procured from the Middle East.

Despite Friday’s jump in prices, oil rates remain more than 10% below levels from the same period last year. Furthermore, current prices are considerably lower than the USD 100 per barrel benchmark witnessed in early 2022, a spike driven by geopolitical tensions following Russia’s invasion of Ukraine.

Russia continues to be a dominant supplier of crude oil to India, where it is subsequently refined into essential fuels like petrol and diesel. Qatar stands out as India’s primary natural gas supplier, with this vital resource being utilized in fertilizers, electricity generation, and transportation, as well as for household cooking through piped connections.

As the situation evolves, stakeholders in the Indian energy sector are closely monitoring global developments while also working towards a balanced approach in energy procurement and sustainability initiatives. The ongoing dialogue among industry leaders highlights the importance of preparedness in navigating the complexities of global energy markets.

This proactive stance by the Indian government serves as a reminder of the intricate connections between international relations and energy security, especially for a nation that relies heavily on imports to satisfy its industrial and consumer demands. As the geopolitical landscape unfolds, India remains committed to ensuring its energy stability while balancing economic considerations and environmental responsibilities.

Original Source: https://www.livemint.com/news/world/israeliran-tensions-puri-says-india-has-adequate-energy-supplies-11749828219280.html
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Publish Date: 2025-06-13 20:53:00