India Diversifies LNG Imports Amid West Asia Crisis

India has taken steps to safeguard its energy supplies by diversifying its sources for liquefied natural gas (LNG) and crude oil imports. The country, which relies on external sources for over 85% of its crude oil requirements, has expanded its LNG import network from six countries to 15. This move aims to reduce dependence on specific regions or transit routes and enhance the ability to manage supply disruptions and market volatility.

According to Minister of State for Petroleum and Natural Gas Suresh Gopi, the diversification of supply sources has reduced risks to energy supplies. The government monitors global market conditions and works with public-sector oil and gas companies to ensure uninterrupted availability of crude oil, LNG, and petroleum products.

To further strengthen its resilience, India is expanding its strategic petroleum storage capacity. The Indian Strategic Petroleum Reserve Ltd (ISPRL) has established three facilities with a combined capacity of 5.33 million metric tonnes (MMT). Additionally, two more commercial-cum-strategic reserve facilities with a combined capacity of 6.5 MMT are being built in Odisha and Karnataka.