The situation in the Middle East is continuously worsening after Israel and US attacks on Iran. Iran’s closure of the Strait of Hormuz has created a crisis over the availability of crude oil across the world. However, the situation is currently under control for India. Government sources said that India has 25 days’ stock of crude oil and refined oil. Apart from this, considering the current situation, the government is looking for other sources for import of crude oil, LPG and LNG. Apart from this, government sources said that there is no plan to increase the prices of petrol and diesel in the country.
20% of the world’s crude oil passes through the Strait of Hormuz.
Sources said that Iran’s situation regarding crude oil, LPG and LNG is quite good. Iran’s state media said on 28 February that it had closed the Strait of Hormuz in response to missile attacks by the US and Israel. It should be noted that the Strait of Hormuz is one of the world’s most important transport routes for crude oil trade. 20 percent of the world’s total crude oil passes through here.
India imports 90 percent of its crude oil from other countries.
India imports 88-90 percent of crude oil to meet its needs. Many countries around the world produce crude oil. The United States is the world’s largest crude oil producer. Apart from the United States, the largest oil producers are Saudi Arabia, Russia, Canada, China, Iraq, Iran, Brazil, UAE and Kuwait. However, India has been buying crude oil from Russia, Saudi Arabia, Iraq, UAE and the United States for a long time. However, if needed, India can import crude oil from any country.
