India Will Not Run Short Of Fuels Due To Middle East Tensions: Hardeep Puri | India News
New Delhi: On Sunday, the Minister of Petroleum and Natural Gas Hardeep Singh Puri was afraid of more rising in the geopolitical tensions in the Middle East due to interruptions in the oil sources and US nuclear areas of US nuclear places due to the Israeli-Iranian war.
The Minister said, “We are closely watching the geopolitical situation in the Middle East since the last two weeks. Under the leadership of Prime Minister Narendra Modi, we have diversified our materials for the last few years and our large amounts of materials do not come from the Hormuz Strait.” He said.
He said that the country’s oil marketing companies (Indian Oil, Bharat Petroleum and Hindustan oil) have been materials for several weeks and continue to buy energy materials in various ways.
The Minister said, “We will take all the necessary steps to ensure the stability of fuel materials to our citizens.” He said.
It is located on the north of the Hormuz/Basra Gulf Strait, where 20 million barrels of oil flows per day from major export countries such as Iran, Saudi Arabia and UAE. If the US intervened in the conflict with Israel, Iran threatened to block this route.
A wider Middle East conflict is expected to have an impact on oil materials from Saudi Arabia, Iraq, Kuwait and UAE, which will lead to a sharp increase in oil prices. Yemen’s Houthi rebels can also be hit because the US warned that if the US attacked Iran, they will continue their attacks on ships.
India imports approximately 85 percent of crude oil requirements, and the increase in oil prices leads to an increase in oil import bill and increases the inflation rate that damages economic growth. A larger out of foreign exchange also leads to the weakening of Rupi against the US dollar.
However, India diversified oil resources by increasing imports from the United States as well as Russia and improving flexibility through strategic reserves.
Puri emphasized the infrastructure milestones in the oil and gas sector and said that the country has 23 modern operational refineries with a total of 257 million meters of tons per year to produce petroleum products.
The Minister also emphasized the attempt to establish storage facilities for strategic oil reserves that the country may fall during the emergency times of the country and undertake the importance of geopolitical uncertainty. These reserves can also be immersed when global prices increase to provide a pillow to national oil companies.
The Minister said that the storage capacity in PUDUR is 2.25 million metric tons (MMT), while the Visakhapatnam facility has a 1.33 mmt crude oil storage capacity, while Mangalore has a storage capacity of 1.5 mmt. In addition, another strategic reserve facility is being built in Chandichol on the beach.
