Middle-East The ongoing military conflict between Israel and Iran is constantly deepening. Amid this ongoing tension in Israel and Iran, the US has also launched a terrible attack on 3 different nuclear bases in Iran. After this attack by America, Iran can close the straw of hormuz, which is the most important in trade routes for crude oil in the whole world. If Iran closes this route, then it will have a direct and deep impact on all the countries of the world including India. India is closely monitored at the risk hovering over the supply of crude oil. Union Petroleum and Natural Gas Minister Hardeep Singh Puri has said that the government under the leadership of Prime Minister Narendra Modi is continuously reviewing the situation, including the possibility of the closure of Hormuz Strait.
Adequate oil stock available in India right now
Union Minister Hardeep Singh Puri said, “As far as the global situation is concerned today, the increase of tension in the Middle East was not completely unexpected. We forecast it. Under the leadership of the Prime Minister, the government is continuously reviewing the situation, including the possibility of the closure of the hormuz strait. We have diversity in sources of supply. Out of 5.5 million barrels of crude oil consumed daily in India, about 1.5 to 2 million hormuz falls through the straw. We import about 4 million barrels from other routes. Our oil marketing companies have enough stocks. Most oil companies have a stock of up to 3 weeks while a company has a 25 -day stock.
India can increase supply through other routes
Hardeep Singh Puri said that India can increase the supply of crude oil through other routes. The Union Minister said, “I believe there is no reason for any concern in this matter. We will keep an eye on the situation in front and the Prime Minister has already spoken to all the prominent leaders. He has a long conversation with the President of Iran to reduce tension. This is our hope and all of us hope that peace will bring peace and stress will be reduced. Meanwhile, we are also ready to deal with the emerging position. “
It is very difficult to guess prices now
When asked about the impact on oil prices in the event of hormuz straw closure, Hardeep Singh Puri said, “It is very difficult to guess the price.” For a long time, the price of oil was between $ 65 and $ 70. Then it turned between 70 and 75. When the markets open on Monday, the consequences of the closure of the hormuj straw will be taken into consideration. But as I have been saying for a long time, adequate oil is available in global markets. More and more oil is coming in the global markets, especially from the Western Hemisphere. Even traditional suppliers will be interested in maintaining supply as they also require revenue. So hope that the market keeps it in mind “
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