Latest news with #HardeepPuri
Time of India
11 hours ago
- Business
- Time of India
What if Strait of Hormuz gets blocked? Oil Minister lays out India's options
As tensions heat up in Middle East, Union Oil Minister Hardeep Puri has said that India is preparing to source crude oil from outside the Persian Gulf and cut its own refined-product exports if the Strait of Hormuz is blocked to ship traffic. About a quarter of the world's oil trade passes through the key waterway, which links the Gulf to the Indian Ocean. Some market watchers are concerned that Iran, locked in a conflict with long-time adversary Israel, could choose to attack tankers sailing through Hormuz or close the strait altogether. About 40 per cent of India's total crude imports, and 54 per cent of its liquefied natural gas (LNG) supplies, would be at risk if the conflict leads to a closure of the Strait of Hormuz, the narrow sea passage between Iran and Oman that carries nearly 30 per cent of global oil trade and 20 per cent of LNG shipments. India is a net exporter of petroleum products, with refiners such as Reliance Industries Ltd. and Nayara Energy shipping to countries including the United Arab Emirates, Singapore, the US and Australia. It could reduce those shipments if needed to maintain sufficient stockpiles at home, Puri said. 'We have enough stocks' of crude and refined products, Puri told NDTV . 'We have enough diversified supplies' of crude, and 'even if there were to be disruption, we can source it from alternate sources.' Iran has previously threatened to close the strait in times of conflict, though there's no sign of that happening so far. Of the 5.5 million barrels of oil India consumes every day, 1.5 million pass through the waterway, according to Puri. 'I don't think this is something we are unduly worried about,' he said. There is ample crude available in the global market, which means it isn't supply but prices that are a concern, he said. India is a net exporter of petroleum products, with refiners such as Reliance Industries Ltd. and Nayara Energy shipping to countries including the United Arab Emirates, Singapore, the US and Australia. It could reduce those shipments if needed to maintain sufficient stockpiles at home, Puri said. India's product exports have averaged 1.3 million barrels a day so far this year, with Reliance and Nayara accounting for 82 per cent of shipments, Kpler data show. India eyes West Africa Indian refiners are considering West African nations and other alternative energy sources to secure additional fuel supplies, should Iran attempt to block the Strait of Hormuz — a critical choke point for global oil and gas transit —as its conflict with Israel intensifies, reported ET quoting oil industry executives. Since the outbreak of the Iran-Israel hostilities on Friday, top oil ministry officials and industry executives are analysing various scenarios and evaluating all possible responses to potential supply disruptions and price spikes. According to the oil ministry, India has total crude and petroleum product storage 'capacity' equivalent to 74 days of national consumption. This includes strategic reserves that can cover 9.5 days of demand. Total capacity includes inventory at refineries, pipelines, ships enroute, product depots, and empty tanks that can hold crude or refined products, executives told ET. Why Strait of Hormuz a point of worry? At just 33 kilometres wide at its narrowest point, Strait of Hormuz is considered the world's most important chokepoint for oil and gas. A quarter of the world's oil and 20 per cent of the world's liquefied natural gas passes through it, so mining the choke point would cause gas prices to soar. Iran has previously targeted vessels passing through this channel and has made repeated threats to close the route. Recently, ships passing through the area have also experienced jamming of their signals. The strait forms a narrow maritime corridor between Iran and Oman and is the main export route for crude oil and liquefied natural gas (LNG) from major producers such as Saudi Arabia, Iraq, Kuwait, the UAE, Qatar, and Iran. In response to the rising tensions, Qatar has asked tankers to wait outside the strait until they are ready to load. Meanwhile, Japanese shipping company Nippon Yusen KK has instructed its vessels to keep a safe distance from the Iranian coast while passing through the area.
Mint
12 hours ago
- Business
- Mint
India plans to reduce oil exports, source crude beyond Gulf as Strait of Hormuz tensions rise
India plans to source crude oil from outside the Persian Gulf and to cut its own refined‑product exports, Oil Minister Hardeep Puri said Thursday, as a potential blockage of the Strait of Hormuz looms. About a quarter of the world's oil trade passes through the narrow waterway, which links the Gulf to the Indian Ocean. Market watchers worry that Iran could attack tankers transiting Hormuz, or close the strait altogether, amid its escalating conflict with longtime adversary Israel. 'We have enough diversified supplies of crude, and even if there were to be a disruption, we can source it from alternative suppliers,' Puri told NDTV. 'I don't think this is something we are unduly worried about,' he added. Ample crude is available on the global market, so the concern is not supply but price. Iran has previously threatened to close the strait in times of conflict, though there's no sign of that happening so far. Of the 5.5 million barrels of oil India consumes every day, 1.5 million pass through the waterway, Bloomberg reported citing Puri. India is a net exporter of petroleum goods, with refiners such as Reliance Industries Ltd. and Nayara Energy shipping to countries such as the United Arab Emirates, Singapore, the US and Australia. The crisis could reduce those shipments if needed to maintain sufficient stockpiles at home, the news agency said. India's product exports have averaged 1.3 million barrels a day so far this year, with Reliance and Nayara dominating the industry with 82% of shipments, Bloomberg reported. US benchmark crude oil was up by 15 cents to $73.65 per barrel, while Brent crude, the international standard was added 19 cents at $76.89 per barrel. Oil prices have been gyrating as fears dwindle that the conflict between Israel and Iran could disrupt the global flow of crude. Another factor causing the fluctuation is the US President Donald Trump's possible intervention in the Iran-Israel conflict. As hostilities between the two nations deepen, with both sides escalating attacks since last Friday, concerns are mounting over potential U.S. military involvement and the risk of a broader regional conflict. Iran is a major oil producer and is located on the narrow Strait of Hormuz, through which much of the world's crude passes.
News18
a day ago
- Business
- News18
Union Minister Hardeep Puri Speaks About The Impact Of Iran Israel War On Crude Oil Market
Union Minister Hardeep Puri Speaks About The Impact Of Iran Israel War On Crude Oil Market | News18 Last Updated: India Videos Amid the escalating Iran-Israel conflict, Union Minister Hardeep Puri addresses global oil market volatility, highlighting India's strategic preparedness. Praises PM Modi's proactive energy diplomacy in safeguarding India's crude supply and economy. n18oc_india News18 Mobile App -
Bloomberg
a day ago
- Business
- Bloomberg
India May Cut Oil Product Exports If Strait of Hormuz Is Blocked
India is preparing to source crude oil from outside the Persian Gulf and cut its own refined-product exports should the Strait of Hormuz be blocked to ship traffic, Oil Minister Hardeep Puri said Thursday. About a quarter of the world's oil trade passes through the key waterway, which links the Gulf to the Indian Ocean. Some market watchers are concerned that Iran, locked in a conflict with long-time adversary Israel, could choose to attack tankers sailing through Hormuz or close the strait altogether.
NDTV
2 days ago
- Business
- NDTV
Gas Leak Continues For 7 Days, Himanta Sarma Says ONGC Response "Inadequate"
Guwahati: Gas continued to leak from an ONGC crude oil well in Assam for the seventh straight day, prompting Assam Chief Minister Himanta Biswa Sarma to write to the Centre flagging "inadequate" response by the oil and gas major. In a letter to Union Petroleum Minister Hardeep Puri, Mr Sarma said locals claimed that there has been "inadequate urgency and seriousness in ONGC's response" while trying to contain the leak. "Conveyed our concerns regarding the Barichuk Gas Blowout incident to Hon'ble Union Minister Hardeep Puri. I have requested him to direct ONGC to step up well control efforts in mission mode so that the situation doesn't aggravate further," the CM said in a post on X. The state government is providing necessary relief to the affected people at this hour, but a more proactive approach is needed from ONGC to mitigate this situation to restore normalcy, he added. The prolonged nature of the incident is causing considerable distress in the surrounding villages, as already more than 330 families have been evacuated from their homes and are being supported by the state government with basic relief and safety measures, he added. "I urge you to kindly direct ONGC to reinforce its technical and leadership presence on-site, adopt a more mission-mode approach, and step up engagement with the affected communities to restore confidence and bring the situation under control at the earliest," Mr Sarma told Mr Puri. The blowout took place on June 12 at Well No RDS 147 of Rig No SKP 135 of Rudrasagar oil field of Oil and Natural Gas Corporation (ONGC) at Barichuk of Bhatiapar. A private firm, SK Petro Services, was operating the well on behalf of the state-run Maharatna company. An official of ONGC had earlier said that it was an old crude well without production, and a perforation job was going on for zone transfer at the time of the blowout. The Assam government on Tuesday announced a financial aid of Rs 25,000 each to about 350 families affected by the blowout. According to the Assam Pollution Control Board (APCB), the air quality parameters are within the permissible limit as per the National Ambient Air Quality Standard (NAAQ) standards by Central Pollution Control Board (CPCB).
