New Delhi . Amid fears of impact on global energy supply due to Iran war, India currently has adequate reserves of crude oil, petrol, diesel and LPG. Additionally, oil companies are also making up for the shortfall in supply by increasing imports from countries outside the Gulf region.
A senior official said that at present India is in a comfortable position in terms of energy supply. He told that we have much more energy resources than the reserves trapped in the Strait of Hormuz. He said that the country has adequate stock of crude oil, oil products and LPG and if needed, the supply shortage will be met by increasing imports from other countries. The official said that India is buying crude oil from Russia from 2022. At that time Russia’s share in India’s total imports was only 0.2 percent. But now it has increased rapidly.
He said India bought about 20 percent of its total crude oil imports from Russia in February. India imported about 10.4 lakh barrels per day (1.04 million barrels per day) of crude oil from Russia in February.
The government official also clarified that the reports of closure of MRPL refinery are false. He said that there is sufficient stock in the refinery and all the refineries producing LPG have been instructed to increase production.
He said that at present there is sufficient stock of LPG available in the country, hence consumers will not have to face any shortage.
The official said that the government will also use petrochemical products if needed to meet the domestic demand, so that there is no shortage of any kind.
In view of the rising tensions in the Middle East, the Ministry of Petroleum and Natural Gas (MoPNG) has directed oil refineries to maximize the production of Liquefied Petroleum Gas (LPG) and give priority to domestic supplies.
Under this, refineries have been asked to use important gases like propane and butane on priority in LPG production, so that there is no shortage of cooking gas used in homes.
The war in the Middle East has disrupted global energy supplies and shipping routes. Especially the movement of tankers through the Strait of Hormuz (an important route for global trade of oil and gas) has been affected.
Due to this war, gas supply from Qatar, the world’s second largest LNG exporter, has also been affected. However, the Indian government says that in the current situation the country has sufficient energy reserves and there is no need to worry about energy security.
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