Officials say diversified crude sourcing, including rising imports from Russia, and adequate domestic stockpiles have put India in a comfortable position even if disruptions occur in the Strait of Hormuz.
India remains in a “very comfortable position” regarding supplies of crude oil, petroleum products and LPG, despite concerns about potential disruptions through the Strait of Hormuz, government sources said on Friday.
According to the sources, the country currently has access to more energy supplies from diversified sources than the volume that could potentially be affected by any disruption in the key global oil transit route.
Officials said India’s existing stock of crude oil and petroleum products is also adequate to meet domestic demand, even as the government continues to closely monitor the evolving geopolitical situation in West Asia.
The sources added that the government is prepared to ramp up supplies from alternative geographies if needed to offset any potential supply constraints linked to the Strait of Hormuz.
India has significantly diversified its crude import basket over the past few years, reducing dependence on any single region. Since 2022, imports of Russian crude have risen sharply.
Russia accounted for just 0.2 per cent of India’s total crude imports in 2022, but its share has increased substantially in subsequent years, making it one of India’s largest oil suppliers.
The diversification strategy, along with strategic reserves and flexible procurement, has strengthened India’s energy security amid rising geopolitical risks in the Middle East.
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