Prime Minister Narendra Modi on Tuesday said India has adequate crude oil reserves and reliable supply arrangements, even as the ongoing conflict in West Asia continues to disrupt global energy markets and trade routes.
Speaking in the Rajya Sabha, the Prime Minister said the war, now in its fourth week, has started affecting international trade routes, leading to disruptions in the supply of key commodities such as petrol, diesel, gas and fertilisers.
He noted that the conflict has triggered a severe global energy crisis, which is a matter of concern for India. The situation has worsened after Iran retaliated against US-Israeli attacks by restricting traffic through the Strait of Hormuz and targeting energy infrastructure and strategic locations in the region.
The Prime Minister also raised concerns about the safety of Indian citizens and seafarers in the Gulf region. He said many ships remain stranded in the Strait of Hormuz, and a large number of Indian crew members are on board these vessels. He added that the safety of more than one crore Indians living and working in Gulf countries remains a top priority for the government.
PM Modi said he has spoken twice with leaders of West Asian countries since the conflict began and that India remains in constant contact with Gulf nations as well as Iran, Israel and the United States. He stressed that India is pushing for de-escalation, dialogue and the reopening of the Strait of Hormuz, stating that attacks on commercial shipping and disruption of international navigation are unacceptable.
Assuring the country on energy security, the Prime Minister said India has sufficient crude oil storage and has diversified its energy import sources over the years. He said India earlier imported energy from 27 countries, but now sources oil, LNG and LPG from 41 countries.
He added that India has significantly expanded its strategic petroleum reserves over the past decade, with more than 5.3 million metric tonnes of storage capacity created in the last 11 years. Oil companies also maintain substantial reserves of petrol and diesel to manage emergency situations.
The Prime Minister said the government is promoting the use of Piped Natural Gas (PNG) along with LPG to strengthen domestic gas supply. He also emphasised the need for self-reliance, especially in the shipping sector, noting that more than 90 percent of India’s trade is carried on foreign ships, which creates risks during global crises.
To reduce this dependence, the government has launched a major initiative worth around Rs 70,000 crore to build ships in India. He said strengthening domestic capabilities and reducing dependence on other countries is essential for India’s long-term economic and energy security.
The Prime Minister added that despite the global crisis, India’s economic fundamentals remain strong and the government is working on short-term, medium-term and long-term strategies through an inter-ministerial coordination group to reduce the impact of the conflict on the country.