India Confident in Oil Reserves Amid Strait of Hormuz Tensions

Q: How much crude oil is India importing from Russia?

In February, India imported **20%** of its total crude oil from Russia, amounting to **1.04 million barrels per day**.

Original: India says it has enough oil in the tank despite Hormuz tensions

The Economic Times•Mar 6, 20263 min

In a Nutshell

India maintains a strong position in crude oil and fuel stocks despite potential supply disruptions linked to the Strait of Hormuz. The government is monitoring the situation closely and is ready to diversify supply routes if necessary, with significant increases in imports from Russia and strengthened LPG production.

Key Points

01India has sufficient crude oil and fuel stocks amid Hormuz tensions.
02The government is prepared to diversify supply routes if needed.
03Imports from Russia have surged, accounting for 20% of total crude imports in February.
04LPG production is being ramped up to ensure domestic availability.
05Reports of a shutdown at Mangalore Refinery are incorrect; operations are normal.

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Full Summary

India's government has assured that the country is in a comfortable position regarding crude oil and fuel stocks, despite rising tensions in the Strait of Hormuz. Officials confirmed that Indian refiners currently have adequate crude inventories and are closely monitoring the situation. They emphasized the country's ability to diversify supply routes to mitigate any potential disruptions in the Gulf region. Notably, imports from Russia have increased dramatically, with 20% of total crude oil imports coming from there in February, compared to just 0.2% in 2022. Additionally, the government is enhancing LPG production and has directed refineries to boost output to meet domestic demand. Reports of a shutdown at Mangalore Refinery were dismissed as incorrect, with the refinery operating normally and well-stocked. India's strategy includes securing additional liquefied natural gas (LNG) supplies and diversifying LPG imports, including recent shipments from the United States.

Key Figures

20%

Percentage of total crude oil imports from Russia in February

1.04 million barrels per day

Amount of crude oil imported from Russia in February

2.2 million tonnes per annum

LPG import contract signed with the US Gulf Coast

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Why It Matters

India's assurance of sufficient oil and LPG supplies means consumers can expect stable fuel availability, which is crucial for transportation and daily activities.

Who is affected

Consumers, businesses relying on fuel, and households dependent on LPG.

What to know

Consumers should remain informed about fuel prices and availability but can expect stability in the short term.

FAQ

India has sufficient crude oil and fuel stocks and is in a comfortable position despite tensions in the Strait of Hormuz.

In February, India imported 20% of its total crude oil from Russia, amounting to 1.04 million barrels per day.

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