India Prepares for Oil Shortage as Strait of Hormuz Tensions Rise
Image Source: Internet
Indian airports are stockpiling fuel as a precautionary measure amid fears of a possible closure of the Strait of Hormuz, which could disrupt global oil flows.
The escalating conflict between Iran and the United States has caused worries over oil trade, with Tehran claiming that it has already closed the Strait, but it is not clear whether it is a complete closure.
Indian airports have been asked to provide details on their current fuel status, with the Strait of Hormuz being the world's most critical oil chokepoint.
Around one-fifth of the world's total oil consumption passes through the Strait of Hormuz, with members of the Organisation of the Petroleum Exporting Countries (OPEC) exporting the majority of their crude through the Strait, especially to Asia.
India sources around 55 per cent of its crude imports from the Middle East, amounting to approximately 2.7 million barrels per day.
Global oil prices have risen as tensions in the Middle East continue to escalate, with Brent rising to $80 per barrel and West Texas Intermediate trading at $73.
Several international flights to the West have been delayed or cancelled from Delhi's Indira Gandhi International Airport, Bengaluru, and Kolkata airport due to airspace restrictions.
