External affairs minister S Jaishankar has stated that the government remains committed to safeguarding India’s energy security while prioritizing national interests amid rising concerns over energy supplies and prices due to the escalating conflict in West Asia.
Jaishankar emphasized that the government will prioritize the country’s interests while navigating global uncertainties, with the interest of Indians being the top priority.
The government has sought to reassure markets and consumers that the situation does not pose an immediate threat to India’s energy security, with petroleum minister Hardeep Singh Puri stating that the country has adequate reserves to deal with the current situation.
India currently has sufficient crude oil stocks and fuel reserves, apart from the strategic petroleum reserves maintained by the government, with authorities setting up a 24x7 control room to monitor fuel supplies and stock levels across the country.
India imports just over five million barrels of crude oil per day, making it one of the world’s largest energy importers, with around 2.5 million barrels per day typically passing through the Strait of Hormuz.
However, officials say India has diversified its energy sourcing in recent years, with more than 60 percent of its supplies now coming from producers in North America, Latin America, West Africa and the Asian part of Russia.
