Energy availability could be impacted by the escalating conflict in the Middle East, Minister of Petroleum and Natural Gas Hardeep Singh Puri said on October 7. However, he expressed confidence that India would be able to navigate any potential challenges.
"We are monitoring the situation very closely. Energy availability could be affected if the conflict intensifies, that goes without saying," Puri remarked, in reference to the ongoing war between Israel and Iran.
He added, "I'm confident that we will manage the situation, as we have done before. I also trust that both state and non-state actors will carefully consider the consequences of any actions they might take."
Crude oil prices have surged due to concerns that Israel may target Iran's oil infrastructure, with benchmark Brent crude now trading around $78-$79 per barrel, up from around $70 last week.
Puri also highlighted that India has diversified its oil suppliers, which will help meet the country’s energy needs. "In the short to medium term, I don't foresee any global oil shortages. We've expanded our sources; we now buy from 39 suppliers, up from 27. There's plenty of oil available, and we have enough options," he said.
India, which relies on imports for over 85% of its crude oil needs, is directly affected by fluctuations in the global oil market.
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