India's oil supply chain safe from Hormuz closure: Puri
'We have been closely monitoring the evolving geopolitical situation in the Middle East since the past two weeks. Under the leadership of PM @narendramodi Ji, we have diversified our supplies in the past few years and a large volume of our supplies do not come through the Strait of Hormuz now,' he said in a post on microblogging site X.
Indeed, latest data from analytics firm Kpler showed Indian refiners pivoting away from the Middle-East since the outbreak of hostilities between Israel and Iran stoked fears of Hormuz closure.
In June, for example, oil imports from Russia and the US outpaced combined volumes of from traditional Middle East suppliers such as Iraq and Saudi Arabia.
India currently imports oil from 13 countries. India does not buy any oil from Iran. But Hormuz is still crucial for India as 40% of its oil imports still passes through this narrow waterway between Iran and Oman.
Puri, however, assured citizens on supplies. 'Our Oil Marketing Companies have supplies of several weeks and continue to receive energy supplies from several routes.
We will take all necessary steps to ensure stability of supplies of fuel to our citizens,' he said.
India currently imports oil from 13 countries. India does not buy any oil from Iran. But Hormuz is still crucial for India as 40% of its oil imports still passes through this narrow waterway between Iran and Oman.
The last word depends on Iran's Supreme Council, which has to approve the Parliament motion. Closure of Hormuz could lead to an upheaval in global oil trade and spike in crude prices since the alternative routes for evacuation of Middle-East oil is limited to about 2-3% of daily global supplies. The strait last effectively closed during the Iran-Iraq 'Tanker War' in 1984.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
26 minutes ago
- The Hindu
India-U.K. FTA offers mutual growth, says Trade Commissioner
The U.K.-India Comprehensive Economic and Trade Agreement (CETA) deal would mutually benefit both nations and promote mobility, innovation, inclusivity, support jobs, boost exports, and strengthen cross-border trade and economic growth, said Harjinder Kang, Trade Commissioner, South Asia, and British Deputy High Commissioner, Western India, at the Bangalore Chamber of Industry and Commerce (BCIC) organised roundtable here on Tuesday. 'The vision also aligns with the U.K.'s modern industrial strategy which will help businesses overcome barriers to investment across sectors,' he commented, while addressing BCIC members. Chandru Iyer, British Deputy High Commissioner, Karnataka and Kerala and Deputy Trade Commissioner, South Asia (Investment), further explained how this strategic partnership could unlock new opportunities for bilateral growth and collaboration. 'Indian-owned companies are already thriving in the U.K., driving jobs in high-growth sectors such as aerospace, technology, and advanced manufacturing. Indian businesses are making the most of the U.K.'s ecosystem and the U.K.-India CETA will boost this further,' he observed. He further said he was confident that the new comprehensive strategic partnership would see closer partnerships in defence, education, climate, technology, and innovation. The technology security initiative (TSI), signed last year, would lead to increased collaboration in areas including telecom security which would unlock investment across emerging technologies, critical minerals, AI, biotech advanced materials and semiconductors, he stated. 'We believe that this agreement will have a significant impact on our economies and will support job creation, technology transfer, and innovation. With its potential to double bilateral trade by 2030, this agreement is expected to have a lasting impact on both economies,' said Prashant Gokhale, president, BCIC.
Economic Times
26 minutes ago
- Economic Times
Possessions possess
Elias Canetti's said, 'To possess is to be possessed.' His idea encapsulates the complex relationship between ownership and its psychological implications. When we acquire possessions, whether material or intangible, there is a reciprocal effect that occurs. On one hand, the act of possessing provides a sense of control and power, as one gains ownership and influence over something or someone. However, simultaneously, this act of possession also possesses us, exerting an undeniable hold on our lives. The more we possess, the more we are consumed by the responsibilities, obligations and even emotional attachments. Hence, Canetti suggests that possession goes beyond the physical aspect, infiltrating our thoughts, emotions and identity, ultimately exerting a powerful influence on our lives. An everyday example further elucidates Canetti's statement. Nowadays, almost all of us possess high-end phones. But, in fact, these expensive gadgets have possessed us as we all have become slaves to them. We're all at sea without them. The great Persian mystic Jalaluddin Rumi says, 'Own nothing, for what you own eventually owns you.' We keep accumulating objects of material comforts only to be consumed by them sooner or later. It's like a snake swallowing and consuming its own tail. Try not to possess more than what's required. When possessions start possessing you and threaten to take your contentment away, it's time to bid farewell to them. (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. As 50% US tariff looms, 6 key steps that can safeguard Indian economy As big fat Indian wedding slims to budget, Manyavar loses lustre Why are mid-cap stocks fizzling out? It's not just about Trump tariffs. The airport lounge war has begun — and DreamFolks is losing Stock Radar: UNO Minda eyeing fresh 52-week high in next few weeks; check target and stop loss for long positions Buy, Sell or Hold: Antique recommends buy on Siemens; Avendus upgrades SBI to Buy post June quarter results Stock picks of the week: 5 stocks with consistent score improvement and upside potential of up to 25% Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus
Economic Times
30 minutes ago
- Economic Times
Over 10,000 Indian startups rush to join UAE-India CEPA Council's series
ANI In just 50 days, the UAE-India Comprehensive Economic Partnership Agreement (CEPA) Council's Startup Series has attracted applications from more than 10,000 Indian entrepreneurs, underscoring the programme's role in accelerating the globalisation of homegrown Indian ventures. The Startup Series is the UAE-India CEPA Council's flagship initiative, designed to connect India's most promising innovators with the UAE's dynamic start-up ecosystem. Offering a comprehensive launchpad, from mentorship to regulatory guidance, the programme leverages the opportunities created under the UAE-India Comprehensive Economic Partnership Agreement (CEPA) to accelerate cross-border growth. The start-up series journey commenced on 24 June 2025, with a dynamic launch event in New Delhi, hosted by His Excellency Abdulnasser Alshaali, PhD, UAE Ambassador to India. Bringing together leading founders, investors, and policymakers from both nations, the event marked the official unveiling of the Start-up Series trailer to an audience poised with the launch event, the Startup Series, led by Ahmed Aljneibi, Director of the UAE-India CEPA Council, has travelled to eight leading Indian institutions, building partnerships and opening new pathways into the UAE's start-up ecosystem. At Banaras Hindu University in Varanasi, the Council partnered with the Atal Incubation Centre Mahamana Foundation for Innovation and Entrepreneurship, where rural-tech founders pitched solutions to transform lives and an MoU was signed to formalise future collaboration. In Gurugram, sessions at IILM University and the Master's Union School of Business brought live pitches and a strategic Q&A with the UICC leadership, paving the way for new MoUs linking Indian ventures to UAE journey continued to Bengaluru, where IIM Bangalore's NS Raghavan Centre for Entrepreneurial Learning hosted deep-dive roundtables on scaling tech and deep-tech ventures, with tailored advice on achieving product-market fit for the GCC. At IIM Calcutta Innovation Park, climate, mobility, and fintech founders explored how the CEPA can accelerate their international Greater Noida, engagements at Galgotias University and the Atal Incubation Centre - Birla Institute of Management Technology spotlighted health-tech, sustainability, and women-led enterprises, with UAE experts offering practical series culminated at IIT Delhi's Foundation for Innovation and Technology Transfer on August 4, where an MoU was signed, the Start-up Series trailer was premiered, and incubatees showcased their unique and forward-leaning innovations from agri-tech to defence and smart mobility, underscoring the breadth of opportunities awaiting Indian entrepreneurs in the UAE."From Varanasi to Bengaluru, Kolkata to Delhi, I've had the privilege of meeting hundreds of India's most ambitious founders - listening to their pitches, walking through their incubators, and seeing innovation in action. The Start-up Series is more than a roadshow; it's a bridge into the UAE's thriving start-up ecosystem. The partnerships we have signed, the mentorship we are offering, and the market access we are opening will give these entrepreneurs the tools they need to scale globally," said Aljneibi, director of the UAE-India CEPA the conclusion of the nationwide roadshow, the UAE-India CEPA Council's Start-up Series will now move into its next exciting phase. Applications close on August 15, after which 20 of India's most promising ventures will be shortlisted and invited to New Delhi to present their UAE expansion plans before a high-profile panel of experts from both these, five winners will be selected to receive fully sponsored market entry and incubation in the UAE. The prize package will include funded incubation, trade licences, tailored mentorship, and hands-on support to fast-track integration into the UAE's start-up ecosystem under the CEPA unprecedented growth in the UAE-India economic relationship, the Start-up Series is a practical example of how high-level trade and investment gains are being turned into real-world opportunities for bilateral trade surging to $100.05 billion in the 2024-25 financial year and UAE foreign direct investment into India tripling in just two years, the series offers a direct way for innovative Indian ventures to access the UAE's dynamic market, strengthen cross-border supply chains, and contribute to the next chapter of this rapidly deepening a concrete outcome of the UAE-India CEPA, the initiative delivers on Article 13.2 of the accord, which commits both countries to advancing cooperation in the start-up sector through closer links between incubators, accelerators, and related turning this commitment into a working platform for market access, mentorship, and investment, the Start-up Series is transforming the CEPA's ambitions into real opportunities for growth. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. As 50% US tariff looms, 6 key steps that can safeguard Indian economy As big fat Indian wedding slims to budget, Manyavar loses lustre Why are mid-cap stocks fizzling out? It's not just about Trump tariffs. The airport lounge war has begun — and DreamFolks is losing Stock Radar: UNO Minda eyeing fresh 52-week high in next few weeks; check target and stop loss for long positions Buy, Sell or Hold: Antique recommends buy on Siemens; Avendus upgrades SBI to Buy post June quarter results Stock picks of the week: 5 stocks with consistent score improvement and upside potential of up to 25% Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus
