India Diversifies LNG Imports Amid West Asia Crisis
India has diversified its liquefied natural gas (LNG) imports from six to 15 countries in response to supply chain disruptions caused by the West Asia crisis. The country's dependence on any particular country, region or transit route has been reduced through this diversification, enhancing India's ability to manage supply disruptions and market volatility.
The government has also expanded its crude oil sourcing network from 27 to 41 countries. Minister of State for Petroleum and Natural Gas Suresh Gopi stated that the risks to energy supplies are regularly monitored and global market conditions assessed in coordination with public-sector oil and gas companies and other stakeholders.
India imports over 85% of its crude oil requirement, making it crucial for the country to ensure supply chain resilience and access to multiple sources of energy. Alongside diversifying supply sources, the government is also expanding its strategic petroleum storage capacity to strengthen the country's ability to deal with supply shocks.