'Have supplies of several weeks': Puri assures fuel stability amid US-Iran strikes; India leans on Russian Crude
NEW DELHI: As military conflict escalates between Israel and Iran, Union minister
Hardeep Singh Puri
on Sunday assured citizens that India's fuel supplies remain secure despite growing volatility in the Middle East.
'We have diversified our supplies in the past few years, and a large volume of our energy no longer passes through the Strait of Hormuz,' Puri posted on X, adding that Oil Marketing Companies have 'supplies for several weeks' and continue to receive fuel from multiple routes.
His comments come as India dramatically increased Russian oil imports in June, buying more crude from Moscow than from all Middle Eastern suppliers combined.
According to preliminary data from Kpler, Indian refiners are set to import 2 to 2.2 million barrels per day (bpd) from Russia, up from 1.96 million bpd in May.
In comparison, total imports from traditional Gulf partners like Iraq, Saudi Arabia, the UAE, and Kuwait are projected to be slightly lower at around 2 million bpd.
US strikes add to region's instability
The latest geopolitical instability stems from a direct US military intervention in Iran. Yesterday, American forces bombed three Iranian nuclear sites, joining Israel's June 13 attacks on Iran's nuclear infrastructure.
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Tehran has responded with strong warnings, including threats to close the Strait of Hormuz, a vital global chokepoint through which 40% of India's oil and 50% of its gas transits.
Analysts believe a full closure is unlikely. 'Iran would risk hurting allies like China and Gulf neighbours, as well as provoke military retaliation,' said Sumit Ritolia of Kpler. 'At most, isolated disruptions could occur for 24–48 hours.'
India's energy strategy pivots
India's import strategy has shifted significantly since Russia's invasion of Ukraine in 2022. Russian oil now makes up about 40-44% of India's crude basket, compared to under 1% before the war. US oil imports have also jumped, from 280,000 bpd in May to 439,000 bpd in June.
Ritolia says India is now better prepared for supply shocks. 'Russian barrels come via routes detached from Hormuz. India is also sourcing more from the US, West Africa, and Latin America,' he noted.
In the event of disruption, India may dip into its strategic reserves, which can cover around 9–10 days of imports.
For now, Puri reiterated the government's commitment: 'We will take all necessary steps to ensure the stability of fuel supplies for our citizens.'
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