All posts tagged: oil imports

Strategic planning helped India avoid fuel crisis during Hormuz conflict: Ex-IOCL chairman

Strategic planning helped India avoid fuel crisis during Hormuz conflict: Ex-IOCL chairman

Published by Webster

India increased crude imports from outside the Strait from 55 per cent to 70 per cent within weeks, backed by a broader supplier network spanning 41 countries, upgraded refineries capable of processing multiple crude grades, and stronger port and logistics infrastructure, said B. Ashok Disclaimer: We do not own any of the content, ideas, images, or text presented here. All rights belong to their respective owners. For more information and to view the original source, please visit the following link: Source link

India prepared for oil market volatility amid West Asia tensions: Hardeep Puri

India prepared for oil market volatility amid West Asia tensions: Hardeep Puri

Published by Webster

India remains well-prepared to manage any volatility in global crude oil markets amid escalating tensions in West Asia, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said on Wednesday.  In an interaction with IANS, Puri said the government has successfully managed fluctuations in global oil markets over the past several months and will continue to closely monitor the situation. In addition, the minister asserted that the country`s energy security remains robust due to diversified supply sources and growing efforts towards self-reliance. “Our constant effort has been, and will continue to be, to manage the situation in the same way we have managed it over the last 100 days. We will try to handle the next 30 or 60 days in the same manner. But if the international situation changes and prices rise sharply, then the issue will have to be revisited,” the minister said. On concerns over India`s oil supplies amid the ongoing tensions in West Asia, Puri said the country is better positioned today than in the past to deal with potential disruptions. …

West Asia conflict hits 25% of India’s natural gas imports, govt says| India News

West Asia conflict hits 25% of India’s natural gas imports, govt says| India News

Published by Parlour News

Almost a fourth of India’s natural gas requirements has been impacted by force majeure conditions enforced by foreign suppliers because of the West Asia conflict, and the government is procuring supplies through alternative routes to overcome the shortfall, senior officials said on Wednesday. West Asia conflict disrupts LNG supplies to India. (Representative photo) Nearly 50% of India’s oil imports pass through the Strait of Hormuz, the crucial waterway that has effectively been shut by Iran following the start of its conflict with Israel and the US. Fuel and gas prices have surged, heightening worries in India, which depends on imports to meet around 85% of its energy needs. “Our total consumption [of natural gas] per day currently is about 189 million metric standard cubic metres a day (MMSCMD). Out of this, around 97.5 MMSCMD is produced domestically and the rest is imported. Out of the imports, about 47.4 MMSCMD is affected due to force majeure conditions,” Sujata Sharma, joint secretary in the petroleum and natural gas ministry, told a briefing on the developments in West …

Except Trump, nobody else has declared that India will stop buying Russian oil: Lavrov | India News

Except Trump, nobody else has declared that India will stop buying Russian oil: Lavrov | India News

Published by Parlour News

Stating that “sky is the limit” as far as India-Russia relations go, Russia Foreign Minister Sergei Lavrov on Wednesday said that except US President Donald Trump, nobody else has declared that India will stop buying Russian oil. Responding to a lawmaker in the State Duma (Lower House of Russian Parliament), Lavrov said, “You mentioned that Donald Trump announced India’s agreement to no longer purchase Russian oil. I have not heard such a statement from anyone else, including Prime Minister (Narendra) Modi and other Indian leaders.” As India kicks off its BRICS presidency this year with the first Sherpa meeting held in New Delhi recently, Lavrov said that External Affairs Minister S Jaishankar told the first meeting of Sherpas that energy security will be one of the top items of the summit that Russian President Vladimir Putin is expected to attend. A new meeting between the leaders of the two countries is expected to take place on the sidelines of the BRICS summit, Lavrov told the Russian Parliament. “Russia is ready to go as far in …