Sufficient Energy Stocks Available With India Amid Israel-US-Iran Crisis: Report

Israel-US-Iran War: After the Israel US conflict with Iran laid a blanket of doubt on India's energy security, the South Asian nation on Thursday noted that Sufficient energy stocks were available to meet its requirements.

"25 days of crude oil, 25 days of energy products available, 50 days of stock", according to government sources, citing an ANI report. 

Meanwhile, India has no plans to ration petrol and diesel, however, Mahratana PSU Gas Authority of India Limited (GAIL) plans to declare force majeure to ensure gas supply to priority sectors.

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On other hand, India is further diversifying its energy reliance through Australia and Canada, who have offered to sell gas to India.

The government is scouting for alternative markets to buy gas, as India currently imports 195 million metric standard cubic metres per day (mmscmd) of gas, of which Qatar supplies 60 million mmscmd.

Currently, India is mulling over purchasing crude oil and gas from other major suppliers. With tensions in the Middle east escalating, India is in talks with United States to avail insurance for ships.

This comes after India inked a fresh contract with the UAE and the US to diversify its energy basket.

Amid turmoil in West Asia, government sources on Tuesday said that India has a total of eight weeks of crude oil and petroleum products inventory, that includes strategic reserves, and only about 40 per cent of India's crude oil imports transit through the Strait of Hormuz, significantly limiting exposure to regional disruptions.

They asserted that the country remains in a comfortable position on energy security amid the evolving situation in the West Asian region.

On its reliance on Russian energy supplies, India continues to import Russian crude as per previous contracts.

Two Russian oil cargoes have been switched their destination from East Asia to India, according to data compiled by energy intelligence firms. These tankers carrying nearly 1.4 million barrels of Urals oil are expected to arrive at ports in the South Asian nation this week, as per data from both Kpler and Vortexa.