Puri said disruptions to international shipping routes could have a direct impact on Indian industries and household expenses (ANI Photo).
NEW DELHI: India has expanded its crude oil supply network from 27 countries to 41 and will continue to diversify imports, increase refining capacity and explore new sources of oil amid geopolitical tensions, minister for petroleum and natural gas Hardeep Singh Puri said.“We have diversified our sources of supply from 27 to 41,” he said, while speaking at the Pathways to Viksit Bharat Conclave at Shri Ram College of Commerce, ANI reported.Puri said disruptions to international shipping routes could have a direct impact on Indian industries and household expenses.“A disruption along a distant shipping route can alter the costs of an Indian factory and the budget of an Indian household,” Puri said.Speaking to reporters on the sidelines of the event, Puri said India was importing more than 5 million barrels of oil per day while exporting around 1 million barrels, supported by its expanding refining capacity.He said India’s crude oil procurement would continue to be guided by the availability of supplies at competitive prices. While governments help establish energy relationships, purchasing decisions are made by commercial entities based on price and availability, he added.
Puri cited disruptions around the Strait of Hormuz as an example of the need to diversify energy supplies, given the substantial share of global energy flows passing through the region. He also pointed to emerging tensions in the Red Sea, saying the government was monitoring the situation and working to ensure uninterrupted supplies.
The minister said India would also need to raise domestic energy production to meet growing demand as economic expansion and industrial activity drive up consumption.He expressed confidence that the Samudra Manthan scheme, which supports deep-sea oil and gas exploration, would help strengthen domestic output over the next three years. ANI reported.Under the scheme, the government plans to provide resources for drilling 150 wells, Puri said, stressing the need for investment in exploration to unlock the country’s domestic oil and gas potential.