India Secures 70% of Crude Oil Imports Outside Strait of Hormuz

India's petroleum ministry has announced that the country has secured about 70% of its crude oil imports from outside the Strait of Hormuz. Joint Secretary Sujata Sharma stated that India's crude supply is secure and that the government has exceeded the normal volume of crude oil that would have arrived through the strait. This development comes as a relief to the Indian economy, which relies heavily on imported oil.

India imports crude oil from 40 countries, with oil marketing companies securing various cargoes through different sources. Additionally, gas companies in India have procured LNG (Liquefied Natural Gas) cargoes from new sources, with two such cargoes currently en route to the country. This diversification of sources has helped to mitigate any potential risks associated with oil imports.

The government is also taking steps to ensure the safety and security of Indian nationals in the region. Spokesperson Randhir Jaiswal stated that all Indian missions are in regular touch with community members, and efforts are being made to assist those who have been affected by recent developments in West Asia. Two Indian nationals have reportedly died in the region, while one person is missing.