India's Energy Strategy: Navigating Global Supply Volatility

Union Minister Hardeep Singh Puri discussed India's robust crude oil supply and refining capabilities, emphasizing alternatives for disrupted supply chains. India is a major global refinery exporter, aiming to rise in rank. Ethanol blending surpassed targets, and energy is crucial for India's growth as crude imports diversify, including Russian imports at 20%.

In a statement addressing the unregulated nature of international trade, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri assured there is sufficient crude oil supply worldwide. He stated that India, a leader in refining capacity, is equipped with alternative sources if any supply stream faces disruption.

During an interactive session, Puri highlighted India's fourth-ranked global refining position, specifying that the country exported refined products worth over USD 45 billion last fiscal year. Aiming for a higher rank, India currently imports crude from 40 nations, advancing its integration with petrochemicals to boost export competitiveness.

Puri revealed that India could see a crude consumption rise to six million barrels per day soon. While global refinery closures are estimated, India's refining capacity continues to grow. The energy sector remains pivotal to India's economic ambition of reaching USD 10 trillion, with future supplies set to aid neighboring countries.

(With inputs from agencies.)