India:Reacting to Iran's warning to shut down the draftsmanship, Union Minister Hardeep Puri said that India's energy supply is safe and dependence on hormuz straight is now negligible.Union Petroleum Minister Hardeep Puri has said that Iran's oil supply will not be affected by Iran amid warning to shut down the hormuz strait, as the country now imports crude oil from many sources.The global market is seen in the Middle East after increasing tension and possible warnings of Iran's possible warning to shut down the hormuz strait. Reacting to this, India's Union Petroleum Minister Hardeep Singh Puri has said that it will not have any direct impact on India's energy security, as the country has made its supply chain diverse in time.
Iran announced and global reaction
The Parliament of Iran has recently passed a resolution stating that the Hormuz Strait may be closed. This is the same waterway through which about 20 percent of the world's oil is transported. In such a situation, any kind of instability of this region can affect global oil prices. However, reacting to this warning, Hardeep Puri clarified that India's situation is different from this. "India's oil supply is no longer dependent on any single route like Hormuz Strait," he said.
India's strategic preparation
Hardeep Puri said that India has diversified its crude oil supply in recent years. Now India imports oil from more than 39 countries. Earlier this number was around 27. Among them are countries like Russia, America, Brazil, Saudi Arabia, Iraq and Gayana.He said, "We are not dependent on any one country or route. Today India buys from where cheaper and reliable oil is available."
Russian oil role
Puri also clarified that India is importing cheap oil on a large scale from Russia, which has helped to keep domestic petrol and diesel prices stable. He said that India has no hesitation in continuing purchases from Russia despite global pressures.
India has adequate reserves
The minister said that India has a strategic petroleum reserves of several weeks. Apart from this, public sector oil companies also have large stocks. Due to this, India's supply will not be interrupted in any emergency. He said, "People should not panic. The Government of India has prepared all alternative measures."
Impact in global market
Although India will not be directly affected, experts believe that global oil prices may increase if the hormuz drain is actually closed. This will have an indirect impact on other countries including India, especially as shipping and insurance costs.
To self -sufficiency in the energy sector
Hardeep Puri said that under the leadership of Prime Minister Narendra Modi, India has taken concrete steps towards self -sufficiency in the energy sector. He said, "It is our endeavor that India became more and more self -sufficient for energy in future. In this direction, large investments are being made in areas such as renewable energy, biofuels and green hydrogen." Amidst the concerns arising out of Iran's threat, this statement of India's Petroleum Minister has brought assurance for both the public and the market. In time, India has made its energy supply so flexible and wide that no one has been dependent on any one area or route. In such a situation, the energy supply of India remains safe as it may be, whatever the situation of Hormuz Strait.
