West Asia Crisis Threatens Global Energy Markets: Puri

Oil Minister Hardeep Singh Puri has expressed concerns that the West Asia crisis could worsen, describing it as 'the largest disruption in energy supply in history'. The crisis has already led to a significant impact on global markets, with India playing a crucial role in mitigating its effects. According to Puri, India's refining capacity of 260-261 million barrels per day (mtpa) has helped the country meet demand.

India has also increased its LPG production from 34,000 tonnes per day (TPD) to around 54,000 TPD to compensate for the closure of the Strait of Hormuz. Furthermore, the country has diversified its crude oil procurement sources from 27 to 41, allowing refiners to adapt to changing market conditions.

Puri noted that countries such as the UAE and Saudi Arabia are interested in investing in India's energy sector due to the country's growing economic and industrial base. This investment potential is significant, with Puri stating that 'nobody wants to come and invest in a refinery unless they can also get a slice of your growing downstream market'. The Minister emphasized that there is enough crude oil supply globally to meet demand.