India's LNG Imports Soar Amid Higher Prices and Shipping Costs

India's imports of liquefied natural gas (LNG) have surged by 24% to $5.6 billion during April-July this year, up from $4.5 billion in the same period last year. This increase is largely due to higher prices and shipping costs resulting from the West Asia crisis.

The country has diversified its LNG sources from six countries earlier to 15 countries now, including the US, to mitigate supply chain disruptions. In July, India's LNG imports increased by 9.1% to $1.2 billion from $1.1 billion in July last year, with import volumes standing at 2,915 million standard cubic meters (mmscm), up 1.5% from 2,872 mmscm in July last year.

India has also expanded its crude oil sourcing network, importing crude from 41 countries compared to 27 earlier. The government official stated that this diversification has reduced dependence on any particular country or region and enhanced India's ability to manage supply disruptions and market volatility.