Officials at the Petroleum and Natural Gas ministry have been looking at the potential impact of escalating Iran-Israel conflict.
New Delhi:India is closely reviewing the Iran-Israel conflict to assess the impact on crude oil and gas supply, sources have said.
Officials at the Petroleum and Natural Gas ministry have been looking at the potential impact of escalating Iran-Israel conflict.
Sources said because of India's diversified energy sources and dependence on countries in the western hemisphere, it is prepared for any potential shortage. It has reserves in place for at least a few weeks.
India will look at increasing supply from alternative energy sources, including those from West African nations, to ensure fuel supply security in case Iran blocks the Strait of Hormuz.
Sources said there is more crude oil coming to market and that there is no shortage of supply.
India is getting oil from Brazil , Guyana, Canada, US and others too.
Till 2025, the Strait of Hormuz didn't close even once. Only one third of India's oil supply comes from it. Indian officials are also factoring in increased freight corridors charges and rise in pricing.
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