According to experts, India does not import oil directly from Iran. India imports oil from various sources.
New Delhi: Iran has threatened to close the Strait of Hormuz as a diplomatic retaliation as the US launches missile attacks on three nuclear facilities. The Strait of Hormuz, located between Northern Iran and the Arabian Peninsula in the south, is an important route for transporting crude oil. About 20 percent of the global LNG trade and a significant portion of crude exports are transported through the narrow waterway. India imports about 40 percent of its oil and gas needs from this part. If it is closed, it is believed that there will be a crisis in oil and fuel transportation. It is feared that the price of crude oil may reach $ 100 to $ 110 per barrel due to Iran's closure of the Strait of Hormuz. As of Monday, Brent crude oil prices were above $78 per barrel and West Texas Intermediate were at $75.24 per barrel, five months hogh.
However, experts say that the closure of the Strait of Hormuz will not affect India. According to experts, India does not import oil directly from Iran. India imports oil from various sources. India can import its oil needs from countries ranging from Russia to the US and Brazil as alternative sources. On Monday, Petroleum Minister Hardeep Singh Puri made it clear that there is no shortage of crude oil in the country, and the government is keeping a close vigil on it. However, if Iran closes the Strait of Hormuz, the sea route for oil transport, despite US air strikes on Iranian nuclear facilities, it will not have much impact on India.
In fact, India increased its oil purchases from Russia in June as tensions in the Middle East increased. Oil imports from Middle Eastern supplier countries like Saudi Arabia and Iraq increased. Oil imported from Russia comes through the Suez Canal instead of the Strait of Hormuz. In addition, countries like America, West Africa, Latin America are also India's options as a backup for oil. It is worth noting that supply concerns have already prevailed in the global oil market due to tensions in the Middle East.
New Delhi: Iran has threatened to close the Strait of Hormuz as a diplomatic retaliation as the US launches missile attacks on three nuclear facilities. The Strait of Hormuz, located between Northern Iran and the Arabian Peninsula in the south, is an important route for transporting crude oil. About 20 percent of the global LNG trade and a significant portion of crude exports are transported through the narrow waterway. India imports about 40 percent of its oil and gas needs from this part. If it is closed, it is believed that there will be a crisis in oil and fuel transportation. It is feared that the price of crude oil may reach $ 100 to $ 110 per barrel due to Iran's closure of the Strait of Hormuz. As of Monday, Brent crude oil prices were above $78 per barrel and West Texas Intermediate were at $75.24 per barrel, five months hogh.
However, experts say that the closure of the Strait of Hormuz will not affect India. According to experts, India does not import oil directly from Iran. India imports oil from various sources. India can import its oil needs from countries ranging from Russia to the US and Brazil as alternative sources. On Monday, Petroleum Minister Hardeep Singh Puri made it clear that there is no shortage of crude oil in the country, and the government is keeping a close vigil on it. However, if Iran closes the Strait of Hormuz, the sea route for oil transport, despite US air strikes on Iranian nuclear facilities, it will not have much impact on India.
In fact, India increased its oil purchases from Russia in June as tensions in the Middle East increased. Oil imports from Middle Eastern supplier countries like Saudi Arabia and Iraq increased. Oil imported from Russia comes through the Suez Canal instead of the Strait of Hormuz. In addition, countries like America, West Africa, Latin America are also India's options as a backup for oil. It is worth noting that supply concerns have already prevailed in the global oil market due to tensions in the Middle East.
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