India Navigates West Asia Conflict's Energy Headwinds with Diversified Sourcing
Union Minister Hardeep Singh Puri stated that India has successfully navigated disruptions to crude oil and natural gas supplies caused by the West Asia conflict. The minister acknowledged that the global energy situation remains challenging.
Puri noted that the country's diversified crude sourcing network, now covering 41 countries compared to 27 earlier, has reduced its exposure to supply chain disruptions. He also mentioned that India's major energy suppliers, Qatar, UAE, and Saudi Arabia, are located in or around the conflict zone caused by the war on Iran.
The minister highlighted the risks involved in rerouting crude shipments through the Red Sea due to Houthi attacks, which could pose a threat to shipping lines. Puri also emphasized that LPG availability is his most critical concern, particularly as India's dependence on LPG has increased sharply with the number of domestic connections rising from 14 crore in 2014 to 33.5 crore.