India and Qatar Urge Resolution to Global Energy Supply Disruptions Amid Iran Conflict
West Asia War: India, Qatar call for end to energy supply disruptions
The Economic TimesImage: The Economic Times
India's Oil Minister Hardeep Puri and Qatar's Energy Minister Saad Sherida Al-Kaabi have called for an end to global energy supply disruptions caused by the ongoing Iran war. They emphasized the importance of maintaining freedom of navigation and discussed enhancing energy cooperation, as India faces challenges in receiving liquefied natural gas (LNG) from Qatar.
- 01India and Qatar stress the need for a swift return to normalcy in global energy supplies.
- 02Qatar, India's largest LNG supplier, declared force majeure due to damage from Iranian attacks.
- 03India has not received LNG from Qatar since the Iran conflict began.
- 04Only a few vessels can currently transit the Strait of Hormuz, affecting shipping routes.
- 05India is negotiating with Tehran to secure the release of stranded vessels in the Persian Gulf.
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During a meeting on Thursday, India's Oil Minister Hardeep Puri and Qatar's Energy Minister Saad Sherida Al-Kaabi highlighted the urgent need to resolve disruptions in global energy supplies stemming from the ongoing Iran war. They emphasized the importance of unimpeded navigation and the flow of commerce to maintain global supply chains. Qatar, which is India's largest supplier of liquefied natural gas (LNG), declared force majeure last month after Iranian attacks damaged approximately 17% of its liquefaction capacity, with repairs expected to take years. Since the onset of the conflict, India has not received any LNG shipments from Qatar, as the Strait of Hormuz remains largely closed. Following a recent two-week ceasefire announcement between the US and Iran, India is reassessing its supply situation. Currently, only a handful of vessels can transit the strait, with 16 Indian-flagged vessels stranded in the Persian Gulf. India is actively engaging with Tehran to facilitate the early exit of these ships, while Iran is demanding coordination for safe passage and may impose a levy on transiting vessels.
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The disruptions in LNG supply could lead to increased energy prices in India and affect the availability of natural gas for consumers and industries.
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