Union Petroleum and Natural Gas Minister Hardeep Singh Puri has assured India to have adequate oil reserves despite the increasing tension between Iran and Israel. In a special interview given to News18, Puri said that even if everything goes wrong, India still has enough oil.
He reported that India imports 5.5 million barrels of crude oil, of which 1.5 million barrels come through the Straight of Hormuz, which is the world’s most important oil transit point. Puri told the cause of concern to be closed or blocked only by this route, but said, “This route has never been closed in 50 years. Many countries would not want it to be closed.”
Puri, while emphasizing India’s energy strategy, said that India has diversified its oil import sources, which is now increasing from 27 to 40 countries. In addition, India is revolutionizing domestic production, biofuel, and ethanol, reducing the dependence on oil imports.
He assured that at least three months of oil reserves are available, which will not have any major impact on the prices. Puri said, “I will use the word ‘curiosity’ instead of worry. Where there is stress, energy needs can cause concern, but we are ready.”
