Israel-Iran conflict: ‘Diversified import basket, comfortably placed for fuel supply needs', says minister Hardeep Puri
India's Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, has assured that the country is comfortably placed in terms of fuel supply amid growing tensions in the Middle-East.
On June 16, the union minister reviewed India's petroleum supply situation with top ministry officials and executives from state-run oil companies amid volatile oil markets due to the Israel-Iran conflict.
In a post on social medai platform X (formerly Twitter), Puri wrote: 'As oil is on the boil, all eyes are on the ball… In the increasingly volatile geopolitical situation, reviewed the petroleum products supply situation with petroleum ministry officials and our PSU OMCs.'
'Under the visionary leadership of PM Modi, we have diversified our import basket substantially and are comfortably placed to meet our fuel supply needs,' he added.
Puri's meeting included Petroleum ministry officials and representatives from major public sector oil marketing companies (OMCs) such as Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation (HPCL), and Bharat Petroleum Corporation (BPCL).
Notably, India is looking to ramp up its own traditional fossil-based energy production, with the latest push being to dig deep in the Andaman region.
Speaking to ANI, the minister outlined several government measures for exploration and production, adding that the project in the Andamans is pointing to 'good news' and may end up becoming India's 'Guyana moment'.
'India has 3.5 million square kilometres of sedimentary basin, but it never explored beyond eight per cent area, keeping a large expanse of sea beds untapped and unexplored. One of the decisions which we took was that 1 million square kilometres of that sedimentary basin, which was no-go area, has suddenly been made available for E&P,' Puri added.
So far in the nine round of open acreage licensing policy, 38 per cent of the bids came in that 1 million square kilometres and the Minister expects that in the next round — for which work is going on right now — will attract more than 75 per cent of the bids.
'We've also issued some of the largest bids on offer anywhere — something like 2.5 lakh square kilometres of area has been offered out on bidding,' he said.
According to Puri, India has the potention of around 42 billion tonnes of oil and gas equivalent in its sedimentary basins, but exploring offshore reserves are capital extensive, which is why it took so much time for India to tap the untapped potential under its seas.
'An onshore well costs $4 million on average and an offshore well costs about $100 million,' he supplemented
India has major trade exposure with both Israel and Iran. In FY25, India exported goods worth $1.24 billion to Iran, and imported goods worth $441.9 million. Trade with Israel is even larger, with $2.15 billion in exports and $1.61 billion in imports.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
24 minutes ago
- News18
Israel-Iran Tension: Why A Ground War Is Practically Impossible
Last Updated: Even if Israel and Iran were to enter into open conflict, neither can roll its tanks or march its soldiers into the other's territory so a ground is practically not possible In the geopolitical chessboard of West Asia, few rivalries are as intense, and as geographically inconvenient, as that of Israel-Iran. Unlike typical international hostilities that stem from a tense shared border, this enmity stretches over nearly 2,000 kilometres of separation, across multiple sovereign nations and some of the world's most volatile terrain. Despite their bitter hostility, Israel and Iran are not neighbours like India and Pakistan or South and North Korea. In fact, they are so far apart that their militaries cannot physically confront each other without traversing at least two or three other countries. From Tel Aviv to Tehran, the shortest aerial route measures roughly 1,800 to 2,000 kilometres. On land, it's an even more complex and implausible journey. To attempt a land route between Israel and Iran, one would likely have to pass through Jordan, Iraq, and potentially Syria. Even under peaceful circumstances, this overland path would require crossing multiple international borders, each governed by its own complex diplomatic alignments and permissions. In total, the estimated ground distance falls between 1,600 and 2,000 kilometres, depending on the exact route taken. But the truth is, there is no road. There is no train. There is no sanctioned land corridor, and for Israeli or Iranian citizens, there is not even a legal pathway. Both nations have completely severed official diplomatic ties since 1979. Their citizens cannot visit each other. Israeli passport holders are banned from entering Iran, and any trace of Israel in an Iranian passport, even a visa stamp, can become grounds for denial of entry elsewhere in the region. Why A Ground War Is Not On The Table Iran has one of the largest ground armies in the region, with over 11 lakh personnel, including reserves. Israel, by contrast, maintains a leaner but technologically superior ground force of around 4 to 5 lakh troops. Yet in this standoff, numerical superiority on the ground is essentially irrelevant. The battlefield between Iran and Israel has, by necessity, shifted to the air. Israeli fighter jets, primarily F-16s, have reportedly undertaken long-range operations deep into Iranian territory, often aided by mid-air refuelling to extend their reach. The air distance gives Israel enough range to strike and return without needing to land on foreign soil, although some reports suggest it receives silent cooperation from allies like Jordan (for airspace access) or Qatar (as an operational base). Covert intelligence operations have also become a central tool. Israel's Mossad is believed to have orchestrated strikes inside Iran through localised drone bases. These drone campaigns are aimed at disabling missile launchers and sabotaging Iran's defence infrastructure from within. For its part, Iran has leveraged proxy forces – Hezbollah in Lebanon, Hamas in Gaza, and militias in Syria and Iraq – to keep Israel on edge without ever engaging directly. These groups operate as Iran's extended arms, ensuring Tehran remains a potent threat to Israel without deploying a single Iranian soldier across the border. Airpower vs Missiles If the two were to escalate into a full-fledged war, it would be fought from the skies and through proxy militias. In air combat, Israel holds a significant edge, boasting state-of-the-art aircraft and battlefield-tested pilots. Iran, in contrast, is burdened by an outdated fleet and limited air combat experience. However, Iran balances this gap with its growing arsenal of ballistic missiles and combat drones. While its aircraft are outclassed, its long-range missile systems pose a serious threat to Israeli cities, infrastructure, and military targets, especially if launched in a coordinated wave. The Role Of US And Strategic Allies The United States' role remains murky but influential. Reports suggest that advanced US military assets, including B-2 bombers, have been stationed in nearby regions like Diego Garcia in the Indian Ocean. Though the US denies direct involvement in Israeli strikes, the presence of such hardware signals a readiness to intervene, or at least to deter Iran. In the wider region, countries like Jordan and Qatar have reportedly enabled certain Israeli operations either by offering airspace or tacit logistical support. These nations, walking tightropes in regional diplomacy, are unlikely to allow ground invasions, but may serve as silent enablers for limited aerial maneuvers. A War Without Borders top videos View all The Israel-Iran conflict is, quite literally, a war without borders. It is one of posturing and precision, espionage and air raids, not boots on the ground. And while that might sound less destructive than conventional warfare, it is no less dangerous. What makes this standoff unique is not just the lack of a shared border, but the persistence of hostilities despite that absence. It's a 2,000-kilometre enmity sustained by ideology, geopolitics, and regional power plays. One that cannot be fought with tanks and trenches, but with drones, missiles, and proxy militias. Location : Israel First Published: June 16, 2025, 13:31 IST News world Israel-Iran Tension: Why A Ground War Is Practically Impossible | Explained
Mint
26 minutes ago
- Mint
Banks pull Australian shares lower; investors weigh Middle East risks
Investors closely watch Israel-Iran conflict Banks down on profit taking Fed decision due on Wednesday June 17 (Reuters) - Australian shares inched lower on Tuesday, with weakness in the heavyweight financial sector outweighing gains in technology and gold stocks, while investors remained wary as Israel and Iran attacked each other for a fifth straight day. The S&P/ASX 200 index ended 0.1% lower at 8,541.30 after settling flat in the previous session. Iran urged allies to press U.S. President Donald Trump for an Israeli ceasefire, raising hopes of a de-escalation, Reuters reported on Monday. However, Trump's abrupt G7 exit and call to evacuate Tehran fuelled fears of an escalation. "We are getting some mixed signals about whether things are escalating or de-escalating between Israel and Iran, which is leading to hesitancy from traders on the ASX today," said Tim Waterer, chief market analyst at KCM Trade. Heavyweight financial stocks fell 0.3%, with the country's 'big four' banks slipping between 0.3% and 0.7%. Waterer said that investors seem comfortable taking profits after a strong rally in financial stocks. Gold stocks gained 1% as bullion's safe-haven demand was boosted by heightened geopolitical uncertainty. Technology stocks were up 0.2%, tracking gains in Wall Street peers overnight, with sector majors Xero and WiseTech Global rising 0.4% and 0.5%, respectively. Uranium stocks surged, extending gains from Monday, with miners Boss Energy and Deep Yellow advancing as much as 7% and 10%, respectively, to hit their highest levels since June last year. Tony Sycamore, a market analyst at IG Australia, attributed the gains to the news that Sprott Physical Uranium Trust, the world's largest fund holding physical uranium, was set to double its capital raising to $200 million to buy more uranium on the spot market. Separately, investors awaited the Federal Reserve's monetary policy decision on Wednesday, where it is expected to hold rates steady. New Zealand's benchmark S&P/NZX 50 index fell 0.4% to finish the session at 12,639.35 points. (Reporting by Adwitiya Srivastava in Bengaluru; Editing by Mrigank Dhaniwala)
Time of India
26 minutes ago
- Time of India
'Nothing to do with ceasefire': Trump leaves G7 midway. Is US planning something big in Iran?
U.S. President Donald Trump abruptly departed the G7 summit in Canada a day early, fueling speculation about behind-the-scenes diplomatic moves amid the escalating Israel-Iran conflict. At a group photo with fellow leaders prior to his exit, Trump told reporters: 'I have to be back as soon as I can. I wish I could stay for tomorrow, but they understand — this is big stuff.' The unexpected departure was interpreted by some, including French President Emmanuel Macron , as a possible sign of an impending ceasefire between Israel and Iran. Macron's remark sparked widespread media speculation. However, the White House swiftly dismissed the notion. Trump, in a post on his Truth Social platform, blasted Macron's interpretation. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like War Thunder - Register now for free and play against over 75 Million real Players War Thunder Play Now Undo 'Publicity-seeking President Emmanuel Macron, of France, mistakenly said that I left the G7 Summit, in Canada, to go back to D.C. to work on a 'ceasefire' between Israel and Iran. Wrong!' Trump wrote. 'He has no idea why I am now on my way to Washington, but it certainly has nothing to do with a ceasefire. Much bigger than that. Whether purposely or not, Emmanuel always gets it wrong. Stay tuned!' Live Events Trump's Plan According to a report in the Times of India, Trump may head straight into a National Security Council meeting upon landing in Washington, amid growing speculation that the U.S. could soon join Israel in a pre-emptive strike against Iran's nuclear facilities. According to the report, such an operation would involve the deployment of the Massive Ordnance Penetrator (MOP), also known as the GBU-57 — a 13,600 kg, 20-foot-long bunker-buster bomb capable of penetrating Iran's heavily fortified Fordo nuclear facility . Only B-2 stealth bombers can carry the MOP, a capability Israel lacks. Some military analysts believe multiple MOPs would be required to destroy Fordo, which is buried deep underground. This strategy is seen by hawkish U.S. officials as the only sure way to halt Iran's nuclear ambitions. Anything short of it, they warn, would allow Tehran to continue its pursuit of an atomic bomb. Meanwhile on G7, White House Press Secretary Karoline Leavitt said, 'Much was accomplished, but because of what's going on in the Middle East, President Trump will be leaving tonight after dinner with Heads of State.' Notably, just before departing, Trump caused further global alarm by posting a chilling warning: 'Everyone should immediately evacuate Tehran.' That statement followed a stark message directed at Iranian leaders: 'Iran should have signed the 'deal' I told them to sign. What a shame, and waste of human life. Simply stated, IRAN CANNOT HAVE A NUCLEAR WEAPON. I said it over and over again!' As tensions surge and speculation mounts over U.S. involvement in a possible military strike, Trump's next move could have consequences far beyond Washington.
