Petroleum and Natural Gas Minister Hardeep Singh Puri said India is prepared to manage global oil disruptions and has fuel reserves equivalent to 76-80 days of consumption.
In an exclusive interview with CNN-News 18, Puri said he expects fuel prices to fall, while stressing that there are no immediate risks to the country’s energy. “In the midst of all this crisis, in the midst of all this crisis, there has been no drought in any part of the country and you are still exporting,” the union minister said.
He also said he does not expect oil prices to be “at this level” for a very long period of time, saying India has enough strategic oil reserves, refinery stocks and commercial inventories to provide at least 30 to 60 days of reserve, even if the Strait of Hormuz remains closed.
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Puri confirmed: “What will happen if the Strait of Hormuz remains closed for another 30 days? We all have local situations, we have stocks… My comfort point was 60-60-60, which means 60 days of crude oil, natural gas and liquefied petroleum gas – which I already have, and I would say that is comfortable.”
Puri says the government intends to diversify oil supplies
Puri said the government is already looking at diversified sources for exports outside the Gulf region, expressing confidence that additional gas supplies from Mozambique will help enhance energy security.
The Federal Minister also highlighted his discussions with Emirati officials and ADNOC Group CEO Sultan Al Jaber.
“But at the same time, various supplies also kicked in. (3:00) For example, you know, we were very lucky to have friends like the UAE, Sultan Jabbar called me late at night, late one evening and said, look, you want, brother, you want more LPG cargoes, I have prepared them, send the ships,” Puri told CNN News 18. He also stressed the willingness of Indian companies to deepen their presence in Venezuela.
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However, the Minister expressed concerns about the Strait of Hormuz remaining closed or the conflict spreading to or affecting other regions. He added: “At the extreme there is a possibility that this will not remain very far away, and no one is talking about it, and it may remain a conflict that is not limited to this theater. You know, you could have problems elsewhere, and perhaps another theater will start. That would be worrying, that would be worrying. The second is that trade in Hormuz remains closed.”
“Recently, someone was discussing what is the worst-case scenario in the Iran war,” Puri added. “Let’s say the crisis lasts until March 31, 2027. “Wait a minute,” I replied, “we are in a completely different ball game.” “That would be a global depression.”
