India continues Russian oil imports as Iran war disrupts global supply
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India continues to import crude oil from Russia despite disruptions in global energy markets caused by the ongoing conflict involving Iran, government sources said, adding that the country remains in a “very comfortable situation” regarding energy security.
According to sources cited by NDTV Profit, India is importing around 1.4 million barrels of Russian crude per day and has sufficient energy supplies for the coming weeks. Officials said the country currently has stocks for about 50 days, including 25 days of ready petroleum products and another 25 days of crude reserves, with supplies being replenished daily.
The Middle East conflict has disrupted oil production across the region, with strikes reported on major facilities including Ras Tanura Refinery operated by Saudi Aramco and the Rumaila Oil Field in Iraq. The situation has worsened after Iran blocked the Strait of Hormuz, a key maritime chokepoint through which about 20 percent of the world’s oil supply passes.
Reports indicate that Iraq has reduced oil production by about 1.5 million barrels per day because of limited storage capacity and export routes.
Despite the disruption, government sources said there is currently no shortage of liquefied petroleum gas or liquefied natural gas in India. Officials also ruled out any immediate increase in domestic petrol and diesel prices despite rising global crude rates.
The crisis has also affected gas supplies after Qatar declared force majeure on exports. However, sources said Qatar supplies less than one-third of India’s gas imports and accounts for about 20 percent of the global gas supply.
India is exploring alternative supply options and remains in contact with other exporters, including Australia and Canada. Officials said the country has also signed supply agreements with the United Arab Emirates and the United States.
New Delhi is also holding discussions with the International Energy Agency and the Organization of the Petroleum Exporting Countries to secure alternative supplies.
Global oil prices have risen during the conflict, with Brent crude reaching $83.07 per barrel on Thursday.