Israel-Iran tensions: India has adequate energy supplies, says Union minister Puri amid rising crude prices; citing energy strategy trilemma
Amid a sharp spike in global crude prices following Israel's airstrike on Iran, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said Friday that India has adequate energy supplies for the coming months and continues to navigate global energy volatility through a well-calibrated strategy.
Taking to social media platform X (formerly Twitter), the minister said he conducted a periodic review of the energy availability scenario with senior executives from India's oil industry.
Hardeep Puri held a review meeting on Friday with the petroleum secretary and heads of Indian energy PSUs, ANI reported.
"India's energy strategy is shaped by successfully navigating the trilemma of energy availability, affordability and sustainability," Puri wrote.
"We have adequate energy supplies for the coming months."
His remarks came as Brent crude prices surged, briefly rising over 10% in intraday trading after reports of Israeli strikes on Iran—an escalation in a region responsible for a major share of global energy exports. While prices eased somewhat, Brent was still trading near $75 per barrel, up over 5% compared to Thursday's close.
Highlighting that India has diversified its sources of oil supply for cheaper purchases, Minister Puri has, on various occasions, said that the country is now importing oil from as many countries as possible to meet its demand.
by Taboola
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India, the world's third-largest importer of crude oil and fourth-largest gas buyer, is particularly sensitive to such disruptions. The country imports over 85% of its crude oil and nearly 50% of its natural gas, with the Middle East accounting for more than 40% of oil and half of gas imports, PTI reported.
Despite Friday's spike, oil prices remain over 10% lower than this time last year and are still well below the $100+ per barrel levels seen in early 2022, following Russia's invasion of Ukraine.
India has diversified its sourcing in recent years. Russia has become India's top crude oil supplier, providing discounted barrels that are refined into fuels such as petrol and diesel. On the gas front, Qatar remains the largest supplier, exporting liquefied natural gas (LNG) that is converted into compressed natural gas (CNG), piped into households, and used in electricity generation and fertilizer production.
Puri's statement sought to reassure markets and the public that India's energy security remains intact, even as global uncertainty persists in key supplier regions.
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