India Energy Week 2025
BS Market Initiative
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AI and digitalisation to drive clean energy to next level?
Harnessing AI and digitalisation to reach the new frontier for cleaner energy session engages audience
Updated On : 13 Feb 2025 | 12:24 PM IST
Bridging the Energy transition's investment gaps
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Updated On : 12 Feb 2025 | 5:29 PM IST
India Energy Week: Enhancing Safety and Sustainability
Key Insights from the India Energy Week 2025 Panel on HSE
Updated On : 12 Feb 2025 | 3:18 PM IST
The Unstoppable Transition: Green Hydrogen and the Future of Clean Energy
The transition to a clean energy future is becoming increasingly urgent, and green hydrogen is fast emerging as a cornerstone of the said transition.
Updated On : 12 Feb 2025 | 12:33 PM IST
India's energy future: Balancing growth, innovation, and sustainability
At India Energy Week 2025, Minister Hardeep Singh Puri highlighted India's push for innovation, balancing renewables and hydrocarbons.
Updated On : 11 Feb 2025 | 7:48 PM IST
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India.com
an hour ago
- India.com
India Will Not Run Short Of Fuels Due To Middle East Tensions: Hardeep Puri
New Delhi: Petroleum and Natural Gas Minister Hardeep Singh Puri on Sunday allayed fears over any disruption in oil supplies to Indian consumers due to the Israel-Iran war and further escalation in geopolitical tensions in the Middle East because of the US bombing of Iran's nuclear sites. "We have been closely monitoring the evolving geopolitical situation in the Middle East since the past two weeks. Under the leadership of Prime Minister Narendra Modi, we have diversified our supplies in the past few years, and a large volume of our supplies does not come through the Strait of Hormuz now," the minister said. He pointed out that the country's oil marketing companies (Indian Oil, Bharat Petroleum and Hindustan Petroleum) have supplies for several weeks and continue to receive energy supplies from several routes. "We will take all necessary steps to ensure the stability of supplies of fuel to our citizens," the minister assured. Iran is situated on the northern side of the Strait of Hormuz/Persian Gulf, through which 20 million barrels of oil per day flow from major exporting countries such as Saudi Arabia and the UAE. Iran had threatened to block this route if the US intervened in the conflict with Israel. A wider Middle East conflict is expected to have an impact on oil supplies from Saudi Arabia, Iraq, Kuwait and the UAE, which would lead to a sharp spike in oil prices. Shipping could also get hit as Yemen's Houthi rebels have already warned that they would resume their attacks on ships if the US attacked Iran. India imports around 85 per cent of its crude oil requirement, and a surge in oil prices leads to an increase in its oil import bill and pushes up the rate of inflation, which hurts economic growth. The larger outgo of foreign exchange also leads to a weakening of the rupee vis-a-vis the US dollar. However, India has diversified its oil sources by increasing imports from Russia as well as the US and building resilience through strategic reserves. Highlighting the infrastructure milestones in the oil and gas sector, Puri had earlier said that the country now has 23 modern operational refineries with a total capacity of 257 million metric tonnes per annum to produce petroleum products. The minister also highlighted the ministry's initiative in setting up storage facilities for strategic petroleum reserves, on which the country can fall back in times of emergency and which assume importance during times of geopolitical uncertainty. These reserves can also be dipped into at times when global prices skyrocket to provide a cushion to the national oil companies. The minister mentioned that the storage capacity at Pudur is 2.25 million metric tonnes (MMT), the Visakhapatnam facility has the capacity to store 1.33 MMT of crude oil, while Mangalore has a storage capacity of 1.5 MMT. Besides, another strategic reserve facility is being built at Chandikhol, which is also on the coast.
Hindustan Times
2 hours ago
- Hindustan Times
‘Large volume of our supplies don't come through Hormuz': Hardeep Puri assures fuel stability amid Middle East tensions
As tensions continue to rise in the Middle East, raising the likelihood of Iran closing the Strait of Hormuz, India is closely monitoring global oil trends. Around one-fifth of the world's oil consumption passes through the Strait of Hormuz, which is situated between Iran and Oman. (Reuters) Union minister for petroleum and natural gas, Hardeep Singh Puri, has reiterated that India has adequate oil supplies to meet its needs. 'We have been closely monitoring the evolving geopolitical situation in the Middle East since the past two weeks,' Puri said in a post X. The Union minister noted that India has 'diversified our supplies in the past few years and a large volume of our supplies do not come through the Strait of Hormuz now.' Puri said that the nation's oil marketing companies have several weeks' worth of supply, adding that they 'continue to receive energy supplies from several routes.' The Union minister assured that all necessary steps will be taken to ensure the stability of supplies of fuel to Indian citizens. ALSO READ | Iran hints at Strait of Hormuz closure. How will it impact Indian crude imports? Last week, following the Israeli strikes on Iran, Puri asserted that India has enough energy supplies for the coming months. 'India's energy strategy is shaped by successfully navigating the trilemma of energy availability, affordability and sustainability,' he said, adding that, 'We have adequate energy supplies for the coming months.' The brewing tensions over the closure of the Strait of Hormuz have led countries to think about the possible repercussions on oil prices. NDTV reported, citing sources, that the central government might considering reviewing the excise duty cuts on fuel if the crude oil price goes above $105 per barrel. Impact on India if Strait of Hormuz is closed India, the world's third-largest oil importer and fourth biggest gas buyer, imports over 85 per cent of its crude oil needs and roughly half its natural gas requirement, a news agency PTI report said. Of these, over 40 per cent of the oil imports and half of the gas imports come from the Middle East. However, the closure of the Strait of Hormuz, which is the passage of around one-fifth of the world's oil consumption, might impact India's energy sector and global oil prices. ALSO READ | Strait of Hormuz: Why the narrow waterway is at stake as Israel-Iran tensions rise About 2 million barrels per day of crude oil out of India's total import of 5.5 million barrels per day transit through the Strait of Hormuz. However, industry officials and analysts have reportedly said that India is not likely to lose sleep even if the Strait were shut down. This is because it has alternative sources, from Russia to the US to Brazil, already readily available to fill any void. India's principal supplier of gas, Qatar, does not use the Strait of Hormuz for supplies to the nation, PTI reported. And other sources of liquefied natural gas (LNG) in Australia, Russia, and the US would also remain untouched by the narrow waterway's closure. While India imports around 90 per cent of its crude oil, more than 40 per cent of those imports originate from Middle Eastern countries, such as Iraq, Saudi Arabia, the United Arab Emirates, and Kuwait, whose exports pass through the Strait of Hormuz. However, in recent years, Russia has become India's largest supplier of crude oil, which is refined into fuels like petrol and diesel. In June, Indian refiners imported around 2 to 2.2 million barrels per day of Russian crude oil, the highest in the last two years.
India.com
2 hours ago
- India.com
Will Iran Pull The Plug On The World's Oil Lifeline? Is India Ready For The Fallout?
New Delhi: Iran is talking about a move that could throw the global oil market into chaos. And this time, it is not just a political threat, it is halfway to being law. Iran's parliament has approved a plan to close the Strait of Hormuz, a narrow stretch of water that carries nearly a fifth of the world's daily oil supply. The timing is not random. The decision comes on the heels of U.S. airstrikes targeting three of Iran's nuclear facilities – a move that has escalated tensions in a region already simmering from years of conflict. Major General Kowsari, a member of the Iranian parliament's National Security Committee, confirmed on June 22 that while the legislative approval is complete, the final go-ahead will rest with the Supreme National Security Council – Iran's most powerful decision-making body on national security matters. If it greenlights the move, Iran will not have to fire a missile to make global markets shudder. Closing the Strait of Hormuz, even temporarily, could do that all by itself. Why Hormuz Matters More Than You Think To the untrained eye, the Strait of Hormuz might look like just another patch of blue on the map. But in geopolitical circles, it is better described as the world's oil jugular. This narrow sea passage, just 33 kilometers across at its tightest point, connects the Persian Gulf to the Gulf of Oman and the Arabian Sea. Oil-rich giants like Iran, Saudi Arabia, Kuwait, Iraq and the United Arab Emirates (UAE) rely on it to ship their crude to the world. Every day, about 17 million barrels of oil pass through it that is roughly 20% of global consumption. Even liquefied natural gas, which fuels homes and industries from Tokyo to London, travels through Hormuz. Almost a third of global LNG flows through this same fragile corridor. What Happens If Iran Shuts It Down? The fallout would be immediate and severe. Oil prices would shoot up. Shipping insurers might hike premiums or pull coverage altogether. Supply chains, especially in Asia, could be thrown into turmoil. The U.S. Energy Information Administration estimates that around 2.6 million barrels per day could potentially be rerouted through pipelines in Saudi Arabia and the UAE, but that still leaves a major gap. For nations heavily dependent on Gulf oil, including India, China, Japan and South Korea, the impact could hit fuel prices, manufacturing costs and inflation within days. Panic buying and speculation in global markets would likely follow. What About India? India has made a conscious effort to diversify its energy partnerships, bringing in more oil from Russia and alternative Gulf suppliers. But a sizable chunk of its energy security still ties back to the Gulf, and by extension, the Strait of Hormuz. Union Petroleum Minister Hardeep Singh Puri tried to calm nerves in an interview, saying the situation was 'manageable' and that current energy rates were 'under control'. But the numbers tell a more complicated story. A sharp and sustained rise in oil prices could ripple across the Indian economy, affecting everything from transport to groceries. Can Iran Actually Close the Strait? Technically, no. Under international maritime law, the Strait of Hormuz is considered an international waterway. Iran cannot legally bar ships from passing through. But that has not stopped them before. Iran has long used the threat of closing the strait as a geopolitical weapon. Doing it would require either direct military action or the threat of it – both of which risk provoking a heavy international response, particularly from the U.S. Navy's Fifth Fleet, which is permanently stationed in the region. And there is another wrinkle – shutting the strait could hurt Iran too. Tehran's own oil exports rely on the same route. Iran has an oil terminal at Jask, located right at the eastern edge of the strait. Blocking it could turn into economic self-sabotage. The China Equation One of the quietest but most critical players in this equation is China. As Iran's biggest oil buyer and a major diplomatic ally, Beijing has consistently shielded Tehran from U.N. sanctions and Western-led diplomatic isolation. But if Hormuz is shut and oil prices soar, even China could lose patience. Its own economy would take a hit, and diplomatic relations could turn frosty fast. A move meant to punish the United States could end up alienating one of Iran's few steadfast friends. The world is now watching the Supreme National Security Council in Tehran. Its decision could determine whether the Strait of Hormuz remains open or becomes the next flashpoint in an already volatile Middle East. With war drums echoing across the Persian Gulf, one narrow waterway has turned into a global nerve centre. The stakes are massive, the consequences unpredictable and the clock is ticking.
