Bhaag Viru Bhaag
T20I Star
- Joined
- Aug 20, 2013
- Runs
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India is scouting for alternative sources for importing crude oil, liquefied petroleum gas (LPG) and liquefied natural gas (LNG) to prepare itself in case the conflict in the Middle East lasts for more than 10–15 days, a government source said on Tuesday. Shipping through the Strait of Hormuz between Iran and Oman—which carries around a fifth of the oil consumed globally as well as large quantities of gas—has ground to a near halt after vessels in the area were struck as Iran hit back after U.S. and Israeli strikes.
The government is continuously monitoring the situation and is “reasonably confident that if one source closes, another window will open,” the source told reporters.
Indian refiners process about 5.6 million barrels per day of crude, with about 40% of their crude imports passing through the Strait of Hormuz, the source added.
The South Asian nation holds sufficient crude inventories to meet demand for about 25 days. Also, refiners hold 25-day inventories of gasoil, gasoline and liquefied petroleum gas, he said.
However, the position is tighter for natural gas. India has only a few days of LNG supplies left after its largest supplier, Qatar, halted LNG production on Monday.
m.economictimes.com
The government is continuously monitoring the situation and is “reasonably confident that if one source closes, another window will open,” the source told reporters.
Indian refiners process about 5.6 million barrels per day of crude, with about 40% of their crude imports passing through the Strait of Hormuz, the source added.
The South Asian nation holds sufficient crude inventories to meet demand for about 25 days. Also, refiners hold 25-day inventories of gasoil, gasoline and liquefied petroleum gas, he said.
However, the position is tighter for natural gas. India has only a few days of LNG supplies left after its largest supplier, Qatar, halted LNG production on Monday.
India eyes alternative energy supplies amid Strait of Hormuz disruption
India is actively seeking new sources for crude oil, LPG, and LNG imports. This preparation is for potential disruptions if the Middle East conflict extends beyond two weeks. The Strait of Hormuz, a critical shipping route, faces near-halted traffic. India has sufficient crude oil reserves for...
