The Madhya Pradesh government has formed a committee to monitor gas and oil supplies amid concerns over the West Asia crisis, assuring citizens that there are adequate stocks and no need to panic. The government is also working to ensure the safe return of Indian citizens from Gulf countries.
Amidst the ongoing conflict in West Asia, the Oil Ministry assures citizens that India's LPG supply remains secure, with no need for panic booking of cylinders. The normal delivery cycle of two-and-a-half days is being maintained, and crude oil is being sourced from diverse routes.
The Indian government has allocated an additional 40,000 kilolitres of kerosene to states as an alternative fuel to LPG, amid the ongoing crisis in West Asia. The government assures a comfortable crude oil supply situation in the country.
The trade relationship between India and the United States has been strained by the imposition of 25% tariff by the US on Indian goods.
India is well-stocked with inventories of crude oil and key petroleum products, including petrol, diesel, and aviation turbine fuel (ATF), to deal with short-term disruptions as the war intensifies in West Asia, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said on Tuesday.
US Energy Secretary Chris Wright said that long-term oil supplies are 'abundant' and there are no worries regarding that, but in the short term, there is a need to get oil on the market.
Replacing over a third of India's oil imports at competitive rates is going to be a challenge, said traders from State refiners, even though some progress was made in the last two months.
The US has granted India permission to buy Russian oil already in transit to ease global supply pressures amidst the West Asia conflict. This decision comes after India agreed to halt sanctioned Russian oil purchases and substitute them with US oil.
When asked about Bessent's announcement allowing certain Russian oil sales to India and whether the US is considering any other moves, including tapping the Strategic Petroleum Reserve (SPR), Trump said, "If there were some, I would do it just to take a little of the pressure off."
India possesses approximately 100 million barrels of commercial crude oil stocks, capable of covering 40-45 days of its requirements if flows through the Strait of Hormuz are disrupted, according to Kpler.
Russia's state-owned oil firm Rosneft has agreed to supply up to 500,000 barrels per day (bpd) of crude oil to Indian upstream oil and gas major Reliance Industries (RIL) in the largest-ever energy deal between the two countries, Reuters reported on Thursday. The 10-year agreement amounts to 0.5 per cent of global oil supply and is valued at roughly $13 billion per year at current prices, it said.
Will rising tensions between US-Israel and Iran threaten crude oil supply through the Strait of Hormuz, putting India's fuel prices, imports, and economic stability at risk?
'Nobody explained why. After that there was panic buying, there was hoarding -- and then nothing reached us.'
Analysts predict India will face oil price volatility and macroeconomic effects due to the escalating Iran crisis, though the country's oil supply chain is not yet structurally insecure.
Brent crude prices surged sharply on Monday, rising by more than 25 per cent to $116.5 per barrel, amid the ongoing conflict in West Asia, which has made crude prices bullish.
Qatar, India's largest supplier of imported natural gas, has declared force majeure on deliveries following a halt in production in the wake of an Iranian drone strike -- a disruption that has led to a cut in supplies to Indian industry by up to 40 per cent, sources said.
The Kremlin has announced it will not disclose data on crude oil exports to India, citing concerns about 'ill-wishers'. This decision follows reports of increased Russian oil supplies to India and China amid geopolitical tensions.
The United States has encouraged India to purchase Russian oil already at sea to mitigate supply shortages and price increases amid the West Asia conflict, according to Energy Secretary Chris Wright. This move is described as a short-term effort to stabilise the market without altering Washington's policy towards Russia.
US President Donald Trump and Russian President Vladimir Putin discussed the Iran conflict and its impact on global energy supplies during a phone call.
External Affairs Minister S Jaishankar discussed the West Asia conflict and its impact on energy supplies with his Russian counterpart Sergey Lavrov and EU's Foreign Policy chief Kaja Kallas.
The US has temporarily permitted India to accept Russian oil already on ships to ensure energy supplies amid the conflict with Iran. This short-term measure is not expected to significantly benefit Russia financially.
India imports nearly 60 percent of its LPG, with most cargo previously coming through the Strait of Hormuz, now closed for commercial shipping.
Indian refiners are negotiating for additional crude cargoes from the US, Russia, and West Africa to ensure adequate supplies amid Middle East tensions. Refineries are maintaining normal processing rates and deferring maintenance to build reserves. The move comes as conflict impacts tanker movements through the Strait of Hormuz, a key energy transit route.
Qatar has halted liquefied natural gas (LNG) production after its facilities came under attack amid the ongoing West Asia conflict, disrupting supplies to India and squeezing feedstock availability for key domestic sectors.
A senior government official asserts India's independence in purchasing Russian oil, stating that US sanctions waivers merely remove friction but do not dictate India's energy policy. The official highlights India's commitment to energy security and affordability for its citizens.
Falling debris from an intercepted Iranian drone caused a 'limited fire' at Saudi Aramco's Ras Tanura refining facility in Saudi Arabia, Saudi Defence Ministry spokesperson Turki Al-Maliki said, according to Al Arabiya.
Rahul Gandhi accuses the government of compromising India's energy security by allowing the US to dictate oil supply relationships, raising concerns about the impact of global conflicts on India's energy access.
According to the Pentagon, the vessels were targeted as part of efforts to prevent the deployment of naval mines in the strategically vital passage through which a significant portion of global crude oil shipments transits.
Asian Development Bank (ADB) on Friday warned that India's limited crude oil reserves of about 100 million barrels - sufficient for only 40-45 days of consumption - leave the country particularly vulnerable to supply disruptions through the Strait of Hormuz amid the ongoing war in West Asia.
White House Press Secretary Karoline Leavitt on Tuesday said that the United States has not ruled out the option of sending troops on the ground in Iran and that military operations in the Persian Gulf nation would end once the objectives of Operation Epic Fury are achieved.
The United States is facing growing discontent from its Gulf allies after several countries in the region complained that they were not given advance notice of the US-Israel strike on Iran that triggered widespread retaliatory attacks, according to media reports.
India will maintain multiple sources for crude oil purchases and diversify them to ensure stability in the supply chain with national interests remaining the "guiding factor" for the procurement, Foreign Secretary Vikram Misri said.
Private-sector oil refiner Reliance Industries Limited (RIL) last week received a general licence from the United States (US) government to buy Venezuelan oil, an industry executive said.
Indian benchmark equity indices Sensex and Nifty experienced a significant crash in early trade, triggered by a sharp increase in crude oil prices and escalating tensions in the Middle East.
The Kremlin states it has not received confirmation from India regarding a halt to Russian oil purchases, following claims made by former US President Donald Trump. Russia affirms its commitment to strengthening relations with India.
A United States missile strike has reportedly hit an educational facility in Khomeyn in central Iran, according to a report by Al Jazeera citing Iran's Mehr news agency. The site was identified as the Dr Hafez Khomeyni School.
Indian private sector and State-run refiners continued to receive crude oil from Russian suppliers even after November 21 -- the winding-down date for US sanctions on supplies from leading Russian oil producers imposed in October -- as new intermediaries sprung up in West Asia to sell the oil, according to senior refining sources and ship tracking data.
'No one can or will bar India from pursuing its energy goals as it wishes.' 'The US FTA wording may sound more restrictive, but the underlying reality will not undermine India's sovereign energy decisions.'
Lavrov said that the US has set itself the objective of 'achieving economic domination', adding further to it that Americans want to control the routes to leading countries to provide its energy sources to them.
If the conflict continues for a prolonged period, State-run oil companies may have to review retail fuel prices accordingly.
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