Hyderabad: Russia Ready to Supply Oil to India if an energy shortage arises due to the West Asian crisis. Moscow announced its readiness as tensions in the Gulf threaten global oil supplies.
Russian diplomatic sources said they are prepared to ensure continuous oil supply. They indicated that rising tensions could disrupt global markets. Therefore, Russia conveyed its assurance at a time when concerns over supply routes are growing.
Oil Supply Assurance Amid West Asian Crisis
Russia’s statement followed India’s assertion that it has enough crude and fuel reserves. India said it can meet oil demand for six to eight weeks. This, officials said, will protect the country from short term oil supply disruptions and escalating military conflict in the Middle East.
Almost all of India’s crude oil and petroleum gas imports pass through the Strait of Hormuz. However, oil transport through this route has been disrupted after the US and Israeli attacks on Iran. Iran has threatened to block shipping through the Strait of Hormuz. Meanwhile, insurance companies have withdrawn coverage. As a result, the movement of oil ships has been affected.
Strait of Hormuz Disruptions Impact Oil Movement
Currently, the country has only 25 days of crude oil and fuel reserves. However, additional buffers are available. These include commercial stocks and strategic petroleum reserves near Mangalore, Podur and Visakhapatnam. Together, these reserves total about 100 million barrels of oil. They can cover 40 to 45 days of imports if oil supplies are disrupted.
Union Petroleum Minister Hardeep Singh Puri said that there are reserves of key petroleum products like crude oil, petrol, diesel and ATF. He stated that these reserves will help deal with the oil crisis arising from tensions in the Middle East.
Russia’s offer, therefore, comes at a crucial time. As tensions in the Gulf continue, global oil supply chains remain under pressure.
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