Will Iran-Israel war increase the crisis of petrol and diesel in India? Hormuz is hovering over the strait

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Photo: File Petrol-diesel crisis?

Iran-Israel The war between The situation is expected to be more frightening after the US attacks on three main nuclear centers in Iran. After this, the concern has increased that Tehran can close the hormuz water. A large part of India’s total oil imports comes through this strait. However, industry officials and analysts stated that from Russia to the US and Brazil, alternative sources are easily available to meet any deficiency. Russian oil is kept separate from the hormuz strait, which comes through the Suez Canal, Cape of Good Hope or the Pacific Ocean. On the other hand, oil can also be ordered from America, West Africa and Latin America, although it will be a bit expensive.

India’s dependence on hormuz strait

Qatar is the main supplier of India and does not use the hormuz strait. India, Russia and America will not have any effect on India’s other sources of liquefied natural gas (LNG). Analysts said that the increased tension in West Asia will affect crude oil prices in the near period and prices could increase by US $ 80 per barrel. India depends on imports to meet its 90 percent of its crude oil needs and buy about half of its natural gas from abroad. The International Energy Agency (IEA) has said that any disruption in the flow through the strait will have a significant impact on the world oil markets.

Import of crude oil increased from Russia

India has increased the purchase of crude oil from Russia in June amidst the ups and downs in the market after Israeli’s attack on Iran. India’s oil purchases from Russia in June have exceeded the imported quantity from West Asia suppliers Saudi Arabia and Iraq. Initial data from the global trade analyst company Kepler shows that Indian refinery companies are buying 2 to 22 lakh barrels of crude oil daily from Russia in June. This is the highest figure of two years. Along with this, it is more than the total quantity purchased from Iraq, Saudi Arabia, United Arab Emirates (UAE) and Kuwait. India’s oil imports from Russia in May were 19.6 lakh barrels per day (BPD). Import from the US also increased to 4,39,000 BPD in June. Last month the figure was 2,80,000 BPD. According to Kepler, the entire month’s estimate for imports from West Asia is about 2 million barrels per day, which is less than the purchase of the previous month.

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