India has weeks of oil supply, imports continue via many routes: Puri

India, the world's third-largest oil importer and fourth-biggest gas buyer, has enough energy supplies to meet requirements for several weeks and continues to receive supplies from several routes, Oil Minister Hardeep Singh Puri said amid escalating tensions in the globe's biggest energy supply regions.
In a post on X, the minister said the government has been "closely monitoring the evolving geopolitical situation in the West Asia since the past two weeks." "Under the leadership of PM @narendramodi Ji, we have diversified our supplies in the past few years and a large volume of our supplies do not come through the Strait of Hormuz now," he said.
The Strait of Hormuz, which Iran is threatening to shut down following US strikes on its nuclear facilities, is an important transit for oil coming from the West Asia.
About 2 million barrels per day (bpd) of crude oil out of India's total import of 5.5 million bpd transits through the narrow waterway. However, India has diversified sources -- from Russia to the US and Brazil -- which can readily fill any void.
Russian oil is logistically detached from the Strait of Hormuz, flowing via the Suez Canal, Cape of Good Hope, or Pacific Ocean.
Even the US, West African, and Latin American flows -- though costlier -- are increasingly viable backup options.
"Our Oil Marketing Companies have supplies for several weeks and continue to receive energy supplies from several routes. We will take all necessary steps to ensure stability of supplies of fuel to our citizens," Puri said.
Global oil prices have jumped to their highest level since January after Israel struck Iran, in a dramatic escalation of tensions in the Middle East.
Rates of the benchmark Brent crude were up more than 10 per cent to $77 a barrel.
India imports more than 85 per cent of its crude oil needs and roughly half of its natural gas requirement. More than 40 per cent of the oil imports and half of gas imports come from the Middle East.
Despite the spike on Friday, oil prices are still more than 10 per cent lower than where they were at the same point last year. They are also well below over $100 a barrel rate seen in early 2022 following Russia's invasion of Ukraine.
Russia is India's largest supplier of crude oil, which is refined into fuels like petrol and diesel in refineries.
Qatar is India's biggest supplier of natural gas, which is used to make fertilisers, generate electricity, and turned into CNG to run automobiles and piped to household kitchens for cooking.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Economic Times

an hour ago

• Economic Times

How will US strikes on Iran affect Indian markets this week?

Agencies Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Mumbai: Indian equities may face pressure early this week after the US launched strikes on three nuclear sites in Iran late Saturday, escalating tensions in the Middle East. A sharp rise in oil prices and a possible shutdown of the Strait of Hormuz by Iran could weigh on sentiment and trigger a gap-down opening on Nifty and Sensex had closed about 1.3% higher on Friday, recouping losses made in the last three sessions on a relief rally sparked by US President Donald Trump putting on hold a plan that may have led to the US involvement in the Israel-Iran conflict. The latest flip flop by the US threatens to reverse that optimism."The market will respond to how Iran manages the situation," said Amit Khurana, head of equities at Dolat Capital Market. "If tensions flare up again, the impact could be sharply negative."Oil prices are poised to surging past $80 a barrel on Monday in response to the conflict in the region after wild swings during the previous week. Brent crude futures for August declined 2.3% to $77 a barrel on Friday as any supply disruption through the Strait of Hormuz--through which 40% of oil and over half of India's LNG imports pass-could trigger a price spike. India relies on imports for over 90% of its crude and 54% of its LNG needs."Oil prices crossing triple digit or restricted supply will have an adverse impact on the market," said Nilesh Shah, managing director, Kotak Mahindra AMC. "Global factors from Trump policy to oil prices and supply are boiling hot."The unease around the flare up in the Middle East and Trump's volte face on Iran could weigh on market nerves. "The direction depends on whether we have peace or further escalation in the Middle East," said Sham Chandak, head of institutional equities at Elios Financial Services. He expects the Nifty to move between 24,500 and 25,500 for the rest of June."The US's pre-emptive strikes on Iran could potentially incapacitate the country. If we do not see further escalation overnight, the war may be over soon-and markets will obviously cheer in such a situation."

Time of India

an hour ago

• Time of India

How will US strikes on Iran affect Indian markets this week?

Agencies Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Mumbai: Indian equities may face pressure early this week after the US launched strikes on three nuclear sites in Iran late Saturday, escalating tensions in the Middle East. A sharp rise in oil prices and a possible shutdown of the Strait of Hormuz by Iran could weigh on sentiment and trigger a gap-down opening on Nifty and Sensex had closed about 1.3% higher on Friday, recouping losses made in the last three sessions on a relief rally sparked by US President Donald Trump putting on hold a plan that may have led to the US involvement in the Israel-Iran conflict. The latest flip flop by the US threatens to reverse that optimism."The market will respond to how Iran manages the situation," said Amit Khurana, head of equities at Dolat Capital Market. "If tensions flare up again, the impact could be sharply negative."Oil prices are poised to surging past $80 a barrel on Monday in response to the conflict in the region after wild swings during the previous week. Brent crude futures for August declined 2.3% to $77 a barrel on Friday as any supply disruption through the Strait of Hormuz--through which 40% of oil and over half of India's LNG imports pass-could trigger a price spike. India relies on imports for over 90% of its crude and 54% of its LNG needs."Oil prices crossing triple digit or restricted supply will have an adverse impact on the market," said Nilesh Shah, managing director, Kotak Mahindra AMC. "Global factors from Trump policy to oil prices and supply are boiling hot."The unease around the flare up in the Middle East and Trump's volte face on Iran could weigh on market nerves. "The direction depends on whether we have peace or further escalation in the Middle East," said Sham Chandak, head of institutional equities at Elios Financial Services. He expects the Nifty to move between 24,500 and 25,500 for the rest of June."The US's pre-emptive strikes on Iran could potentially incapacitate the country. If we do not see further escalation overnight, the war may be over soon-and markets will obviously cheer in such a situation."

Indian Express

an hour ago

• Indian Express

‘Several countries ready to supply nuclear warheads to Iran': Top Putin aide amid US strikes on Tehran

Former Russian President Dmitry Medvedev has said that several countries are poised to directly provide Iran with their nuclear warheads amid US strikes on Iran's three nuclear sites, Isfahan, Natanz and Fordow and added that it is US President Donald Trump who has 'pushed America into another war'. The deputy chairman of the Security Council of Russia, Medvedev, outlined his views in a series of posts on X on what the Trump administration's strikes on Iran's nuclear facilities accomplished for the US. 'The enrichment of nuclear material and, now we can say it outright, the future production of nuclear weapons will continue,' said Medvedev. 2. The enrichment of nuclear material — and, now we can say it outright, the future production of nuclear weapons — will continue. 3. A number of countries are ready to directly supply Iran with their own nuclear warheads. — Dmitry Medvedev (@MedvedevRussiaE) June 22, 2025 Medvedev, who is a top aide of Russian President Vladimir Putin, wrote 'A number of countries are ready to directly supply Iran with their own nuclear warheads.' But the Russian leader refrained from providing details of the specific countries that might pitch in and support Iran. Moscow has historically supported Iran's nuclear program. Earlier, Putin had offered to help mediate a peace talk between Israel and Iran in order to resolve the growing conflict. The Kremlin also offered to help negotiate a suitable nuclear deal between the US and Iran. Moscow's efforts were rejected by Trump, who while taking a potshot at Russia had said, 'They should first take care of their own conflict.' When the former US President Barack Obama's administration signed a nuclear deal with Iran in 2015, which is also known as the Joint Comprehensive Plan of Action, Russia was involved in the process. The deal had lifted economic sanctions on Iran in exchange for a limit on Iran's nuclear program. But Trump withdrew from the deal in 2018 during his first tenure. The US struck three nuclear sites of Iran late on Saturday and the mission involved more than 125 aircrafts which included B-2 Stealth Bombers, according to Chairman of the Joint Chiefs of Staff Gen. Dan Caine.