Kamal Ghorui
NEW DELHI: Amid concerns over oil supply concerns due to Middle East tensions , union minister of petroleum and natural gas Hardeep Singh Puri, in a meeting with media, assured that India has enough reserves to deal with the situation.“Held a very positive informal interaction with members of the media fraternity to brief them about various aspects of the energy scenario in the light of the geopolitical situation in the Middle East.” said Puri on X. Further addressing the energy needs he added, “We discussed how the trilemma of energy availability, affordability and sustainability continues to guide India’s approach under the leadership of PM Narendra Modi Ji which is focused on meeting the energy requirements of our citizens.”Assuring stable supply the union minister further said, “Informed the media persons that India has sufficient energy reserves to deal with the ongoing situation. Was joined by senior officials of Petroleum Ministry and captains of India’s PSU energy entities at the interaction.”Offering further details on the maintaining the ministry of petroleum and natural gas, in a press release said, “in the last few years, India has ensured both availability and affordability of energy for its population by diversifying its sources. Indian energy companies now have access to energy supplies that are not routed through the Strait of Hormuz. Such cargoes will remain available and help mitigate supplies that may be temporarily affected enroute through the Strait of Hormuz.““At present, the Government is reasonably comfortable in terms of stocks. Safeguarding the interests of Indian consumers remains the highest priority. Based on continuous monitoring, the Government is cautiously optimistic that phased measures can be taken, if required, to further mitigate the situation,” it further stated, offering assurances.This came as concerns were raised around India’s oil availability, being a fast-growing consumer of oil. Its vulnerability to supply shocks stems from the relatively small reserves and strategic oil reserves, according to analysts.India’s reliance on Middle Eastern crude, particularly shipments routed through the Strait of Hormuz, has reportedly increased in recent months following a reduction in oil imports from Russia.The risks facing major India along with other Asian economies signifies how far the fallout from the US–Israel strikes on Iran has spread. Those attacks, along with subsequent retaliatory action, have effectively shut down shipping through the Strait of Hormuz, a critical chokepoint for global energy supplies, leaving economies that rely heavily on Middle Eastern oil exposed to supply disruptions and rising costs.
