India’s oil supplies are safe: Hardeep Singh Puri

Union Petroleum and Natural Gas Minister Hardeep Singh Puri has assured that India’s oil supply will not be affected despite the Israel-Iran conflict and US action. The minister said that the government is constantly monitoring the situation in the Middle East.

On social media, Puri said, “Under the leadership of Prime Minister Modi, we have diversified the sources of our oil supply. Currently, a significant part of our supply is not dependent on the Strait of Hormuz.” About 20 million barrels of crude oil pass through the Strait of Hormuz every day, which is located near Iran.

Puri clarified that Indian oil companies have adequate reserves and are getting supplies from multiple routes. Iran’s threat to block the Strait of Hormuz could affect supplies from Saudi Arabia, Iraq, Kuwait and the UAE, potentially leading to a rise in global oil prices.

India meets 85% of its crude oil requirements through imports. A rise in international prices could increase the import bill, adversely affecting inflation and economic growth.

However, the minister assured that India has ensured supply security by increasing imports from alternative sources like Russia and the US and developing strategic reserves. The country has 23 modern refineries with an annual capacity of 257 million metric tonnes.

The ministry has also set up strategic storage facilities, which can provide assistance in emergency situations. With these measures, India is able to maintain the stability of energy supply even during geopolitical crises.