By Admin 
- The country has 60 days of crude oil and gas reserves.
India’s Crude Oil Backup: Due to new military attacks between Iran and America, the fear of stopping the energy supply through the Strait of Hormuz has once again increased. However, India is now in a better position to deal with this crisis than before. Not we, but experts are saying this. Industry experts say that even if there is a disruption in supply this time due to the renewed war between the two countries, India’s position on energy supply is expected to be stronger than in the previous period.
According to the Business Standard report, a senior refinery official said, “Fuel prices will increase sharply if Hormuz is closed again.” The cost of fuel imports is also likely to increase in September and October. However, this time the situation is much better. The deal on supply of crude oil till August has already been finalized. Arrangements for LPG import have also been made. However, some problems may have to be faced in the case of LNG, but they can be handled.
India increased sources of energy supply
India is rapidly increasing its sources of energy supply. Compared to earlier 27 countries, now oil and gas is supplied to India from 41 countries. At present, India’s largest crude supplier is Russia. Apart from this, India also imports crude from America and West African countries. Earlier, up to 45% of oil and gas was imported into India through Hormuz. Now under the emergency strategy it has been reduced to 30%.
Santosh Kamath, managing director of Alvarez & Marsal, said, “In the long term, we need to further diversify our energy sources and strengthen domestic energy security through measures such as greater electrification of transport and increased use of biofuels. However, these measures will take time to meaningfully reduce dependence on fossil fuels.”
India has strong reserves
Union Petroleum and Natural Gas Minister Hardeep Singh Puri has said that India has 60 days of stock of crude oil and 60 days of inventory backup of LNG to meet the domestic consumption needs to deal with any emergency. India also has 45 days advance LPG stock available. On top of this, the refineries in the country have also been upgraded a lot so that any grade of crude comes from any corner of the world, there is no problem in cleaning it.
Also read:
If you don’t have a credit card, where will you get money in an emergency? What are the other options where you can get a cheap loan?