India Insulates Itself from West Asia Crisis, Ramps Up Domestic Supplies

India has successfully insulated itself from disruptions to crude oil and natural gas supplies caused by the West Asia crisis, according to Union Petroleum Minister Hardeep Singh Puri. Speaking at an event, Puri said that India has navigated this uncertainty so far and even managed to reduce its dependence on supplies from any single region.

The country has expanded its crude sourcing network to 41 countries from 27 earlier, Puri added. This move aims to mitigate the risks associated with disruptions in global shipping routes, particularly the Strait of Hormuz, which accounts for about 40% of energy movement.

Puri emphasized that there is no global shortage of crude oil, with around 104 million barrels available daily against a consumption level of about 94 million barrels. However, he highlighted the challenge of moving supplies through disrupted and volatile shipping routes as a key concern for global energy markets.