As the Middle East conflict escalated with Iran targeting oil facilities in Gulf countries, India is in a comfortable position in terms of oil supply as the government is replenishing holdings, government sources told Times Now. The government also made it clear that it will first give priority to domestic oil consumption if needed.

The sources said that the Centre is in touch with all major suppliers and trading partners and organisations like the International Energy Agency (IEA) and Organisation of the Petroleum Exporting Countries (OPEC). Discussions are also reportedly being held with counterparts in various countries. The government also reportedly said that there is no shortage of LPG, LNG, or crude oil.

Meanwhile, after Russia conveyed its readiness for helping India with energy supplies amid the escalating conflict, now Australia and Canada have also offered to sell gas to India. New Delhi reportedly imports 195 million metric standard cubic meters per day (MMSCMD) of gas; out of that, Qatar supplies only 60 MMSCMD.

Also Read:Why India Could Be Hit Hardest If Middle East Conflict Drags On — China Has Six Months of Oil, New Delhi Far Less

The government sources also told Times Now that American companies have reached out to India and will be prioritising insurance coverage.

What Hardeep Puri Had Said Regarding Oil Reserves:

Notably, during the Budget Session of Parliament in February this year, Oil Minister Hardeep Singh Puri had told Rajya Sabha that India's petroleum reserves could last up to 74 days.

According to the International Energy Agency (IEA), today we are the world’s third largest consumer of crude oil. We have the world’s fourth largest refining capacity — currently around 260 million metric tonne per annum going on to 320 million metric tonne per annum. And, we are also the world’s fifth largest exporter of petroleum products,” he had said.

"The strategic petroleum reserve is designed to ensure that in case of total global turbulence, we must have enough stock left to meet our needs. The IEA stipulates that there should be about 90 days of holding as a strategic petroleum reserve," the minister had added.

Notably, energy crisis concerns arose after Iran started targeting oil facilities of Gulf countries, following the February 28 attack by the United States and Iran.

Source: India Latest News, Breaking News Today, Top News Headlines | Times Now