Despite global concerns over crude oil and gas supply due to the ongoing conflict in the Middle East and Iran’s warning to shoot any ship passing through the key Strait of Hormuz, India is in a very comfortable position on energy security, and the country’s stock is being replenished every day, government sources said on Thursday.
The sources further added that India is in touch with other suppliers, asserting that there is no shortage of LPG, LNG, and crude oil in the world.
India imports 195 MMSCMD of gas, out of which Qatar supplies only 60 MMSCMD. However, QatarEnergy stopped LNG production earlier this week after an Iranian drone strike, prompting India to look for alternative markets to buy gas.
According to the sources, Australia and Canada have offered to sell gas to India, with New Delhi also looking for other alternatives. India recently signed a new contract with the UAE and the US.
India is in talks with major oil producers and traders to buy crude and LPG. Talks are also being held with the International Energy Agency (IEA) and Organization of the Petroleum Exporting Countries (OPEC),” the sources added.
New Delhi is also in talks with the US to get insurance for ships passing through the Strait of Hormuz, the key shipping route that has been disrupted by Iran in response to the US and Israeli attacks.
Earlier this week, Petroleum and Natural Gas Minister Hardeep Singh Puri briefed the media about the country’s position on energy security, saying that the country is well stocked with crude oil and has adequate inventories of key petroleum products, including petrol, diesel, and ATF, to deal with short-term disruptions arising from tensions in the Middle East.
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“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,” he said.
The Ministry has established a 24×7 Control Room to continuously monitor the supply and stock position of petroleum products across the country. The situation is being monitored twice a day.