India assures of adequate energy supplies for coming months amid Iran-Israel escalation

India has adequate energy supplies for the coming months, said minister of petroleum and natural gas Hardeep Singh Puri on June 13, amid escalating tensions between Iran and Israel.

India’s energy strategy is shaped by successfully navigating the trilemma of energy availability, affordability and sustainability, Puri said in a post on X on late Friday evening.

The minister on June 13 held a meeting with Petroleum Secretary Pankaj Jain and heads of state-run Indian energy majors including Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL) and ONGC, according to the social media post.

To be sure, Indian oil refiners tie-up for crude oil supply for the coming three months, while the country also maintains strategic oil reserves for emergency situations. India’s total oil reserves stand at around 74 days; where IOCL inventory is for 40-42 days, government’s special purpose vehicle Indian Strategic Petroleum Reserves Ltd (ISPRL) has reserves for over 9 days and rest is maintained by BPCL and HPCL.

Tensions in the Middle-East are a cause of concern for Indian energy market as New Delhi imports large amounts of crude oil and liquefied natural gas (LNG) from the region. India imports over 85 percent of its total crude oil requirements and the Middle-East nations including Iraq, Saudi Arabia, the UAE, among others, account for a major portion of the supplies.