India, the world’s third-largest importer of oil and fourth-biggest buyer of natural gas, has sufficient energy reserves to meet its needs for the next several weeks, according to Oil Minister Hardeep Singh Puri. His remarks come amid escalating tensions in key global energy-producing regions. Despite geopolitical uncertainties, Puri assured that India continues to receive energy supplies from multiple routes, ensuring stability in procurement.
In a post on X, Puri highlighted the government’s close monitoring of the evolving geopolitical situation in the Middle East over the past two weeks. He noted that under Prime Minister Narendra Modi’s leadership, India has diversified its energy sources, significantly reducing reliance on supplies that pass through the Strait of Hormuz.
Tensions in the energy markets have heightened following Israeli airstrikes on Iran, which began on June 13. About 2 million barrels per day of India’s crude oil imports of 5.5 million barrels per day transit through the Strait. However, India’s diversified sources-including Russia, the U.S., and Brazil-provide alternative routes to mitigate potential disruptions.
Puri emphasized that India’s Oil Marketing Companies have supplies secured for several weeks and will take necessary steps to maintain fuel stability for its citizens. Global oil prices surged to their highest levels since January, reaching USD 77 a barrel after the hostilities escalated. Even with the recent spike, prices remain over 10 percent lower than last year and below the USD 100 mark seen in early 2022 after Russia’s invasion of Ukraine.
Russia is India’s largest crude oil supplier, while Qatar leads in natural gas, which is crucial for electricity generation, fertilizer production, and household cooking needs. Puri stated that India will seek to increase crude supplies from other sources if necessary, expressing hope for a de-escalation in the current situation.
Earlier, Prime Minister Modi received an update on the Iran-Israel conflict from Iranian President Masoud Pezeshkian, underlining India’s engagement in regional diplomacy.
Original Source: https://www.firstpost.com/india/india-has-weeks-of-fuel-reserves-will-receive-energy-via-multiple-routes-says-hardeep-singh-puri-13899571.html
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Publish Date: 2025-06-24 00:25:00
