Iran plans to shut down the Hormuz Strait after the US attack on three nuclear sites. This drainage is a major shipping route, through which the fifth of the global oil and gas supply flows. The hormuz is a 20% oil supply route in the watercrowded world. While India is the third largest oil importer in the world. India meets about 90% of its oil needs through imports. Let us tell you that out of 55 lakh barrels of oil consumption, 15-20 lakh barrels come from the hormuj drainage. In such a situation, the increase in oil prices can have a direct impact on India’s economy. In view of this, India is keeping a close watch on the oil trends.
What did the Petroleum Minister say?
Union Petroleum and Natural Gas Minister Hardeep Singh Puri said that we have been keeping a close watch on the geopolitical situation being developed in the Middle East for the last two weeks. Under the leadership of Prime Minister Narendra Modi, we have diversified our supply in the last few years and now a large part of our supply comes through Hormuz Strait.
In a post on X, the Union Minister said, “Our oil marketing companies have several weeks of supply and some have a stock of up to 25 days. India imports 40 million barrels of oil per day from other sources including Brazil, Russia, America and West Africa. According to sources and media reports, if the hormuz drainage will continue for more than a week, it will also make a shock and its prosperity will continue to be seen. It is aware of the results.
According to sources, if the price of crude oil crosses $ 105 per barrel level, the government may consider a review of excise duty cuts on fuel. While experts believe that if the tension between Iran and the US decreases, oil prices may decrease again.
