India Diversifies Energy Imports Amid West Asia Crisis
India's energy sector has taken a proactive approach to mitigate supply chain disruptions amidst the West Asia crisis. To ensure uninterrupted availability of crude oil, liquefied natural gas (LNG), and petroleum products, the government has diversified its sources of imports.
The country now imports LNG from 15 countries, up from six earlier. This diversification reduces dependence on any particular country or region, allowing India to better manage supply disruptions and market volatility.
India's crude oil requirement stands at over 85%, making it essential to have multiple sources of energy to reduce the risk of sudden disruptions. The government is also expanding its strategic petroleum storage capacity to strengthen the country's ability to deal with supply shocks.