India Diversifies Energy Imports Amid Geopolitical Risks

India's Ministry of Petroleum and Natural Gas has confirmed that the country has aggressively expanded its energy import portfolio, sourcing crude oil from 41 countries and liquefied natural gas from 15 nations. This strategic pivot marks a significant departure from India's historical reliance on Middle Eastern cartels.

The expansion is designed to insulate the economy from geopolitical shocks, including disruptions in key maritime chokepoints such as the Strait of Hormuz. The Oil Secretary has warned that national infrastructure development is critical amid worsening disruptions in this waterway.

State-owned entities like Oil and Natural Gas Corporation and Indian Oil Corporation have executed long-term purchase agreements to lock in volume while maintaining price flexibility. This pragmatic approach has allowed Indian refiners to maintain domestic fuel price stability, even as global benchmarks experienced severe volatility.