India Reinforces Oil Reserves Amid West Asian Turmoil

India reassures its crude oil stock capability with about 25 days' reserves amid West Asian tensions. To maintain petroleum product affordability, the government explores alternative crude sources, while holding strategic meetings to assess geopolitical impacts on export-import cargo flows.

As tensions mount in West Asia, Indian government sources revealed on Tuesday that the country has approximately 25 days of crude and refined oil reserves. They are actively seeking alternative sources for crude oil, LPG, and LNG imports to avert price hikes for petrol and diesel.

A day prior, Union Petroleum and Natural Gas Minister Hardeep Puri assessed the supply situation with senior officials, emphasizing that the Petroleum Ministry is closely monitoring developments. They assured that all necessary measures will ensure the availability and affordability of key petroleum products.

India, heavily reliant on West Asian crude oil imports, is preparing for potential disruptions. The Department of Commerce convened a stakeholder meeting, led by Special Secretary Suchindra Misra and DGFT Lav Agarwal, to evaluate West Asia's geopolitical impacts on India's trade flows. Logistics experts discussed maintaining predictability in cargo movement and mitigating export-import challenges.

(With inputs from agencies.)