India in comfortable position with 25-day crude stock, say government sources
India remains in a “reasonably comfortable position” in terms of crude oil and gas supplies despite escalating tensions in the Middle East and the closure of the Strait of Hormuz, government sources told NDTV on Monday.
The reassurance comes as the war that began with US-Israel air strikes on Iran has intensified, triggering concerns about global energy supplies and shipping routes.
“We are in reasonably comfortable position as far as crude oil, LPG and LNGs are concerned. We have a stock of 25 days of reserve for crude oil and 25 days of products that is in transit,” a government source said.
Last month, Oil Minister Hardeep Singh Puri had informed the Rajya Sabha that India’s strategic petroleum reserve could last 74 days to meet demand arising from global turbulence.
“We calculate our reserves not only in caverns but also in our refineries,” Puri had said. “Our reserves in the caverns are in Andhra Pradesh and Karnataka and we are hoping to get started in Odisha soon,” he had added.
Hormuz Strait closure triggers global concern
Fears of a potential energy crisis surged after Iran shut the Strait of Hormuz, a critical transit route through which nearly one-fifth of global oil supply passes.
The closure was underscored by Ebrahim Jabbari, advisor to the chief commander of the Islamic Revolutionary Guard Corps, who announced that the strait had been sealed.
“Anyone who wants to pass will be destroyed by fire by our heroic and devoted forces in the Navy of the Islamic Revolutionary Guard Corps and the Army. They will definitely face a serious and decisive encounter if they try to enter this region,” he said.
“We will also disable their pipelines in the region and will not allow oil to be exported from this region, putting them in a tight spot. Americans owe thousands of billions of dollars. They are thirsty for the region’s oil. We won’t let a drop of oil reach you,” he added.
Iran had first announced its intention to shut the strait hours after its Supreme Leader Ayatollah Ali Khamenei and several top military leaders were killed in air strikes during a crucial meeting.
Crude traffic choked, tankers stranded
Since the announcement, nearly 90% of crude traffic through the strait has reportedly been disrupted. From a normal daily movement of over 100 vessels, only three tankers crossed the passage on Sunday. On Monday, that number dropped to just one.
At least six ships, including oil tankers, were reportedly hit while attempting to cross the strait. Currently, more than 700 tankers are said to be stranded on both sides of the waterway.
The unfolding situation has raised alarm bells across global markets, though Indian officials maintain that the country’s reserve position and diversified procurement strategy provide a cushion against immediate supply shocks.
Authorities continue to monitor developments closely as tensions in the region remain high and global energy markets brace for further volatility.
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