Shipping through the Strait of Hormuz, a critical route that carries nearly a fifth of global oil supplies, has nearly halted after Iranian retaliatory strikes following US-Israeli attacks.
| Photo Credit:
YORUK ISIK
India is scouting for
alternative sources for importing crude oil, liquefied petroleum
gas and liquefied natural gas to prepare itself if the conflict
in the West Asia lasts for more than 10-15 days, a government
source said on Tuesday.
Shipping through the Strait of Hormuz between Iran and Oman,
which carries around a fifth of oil consumed globally as well as
large quantities of gas, has ground to a near halt after vessels
in the area were struck as Iran hit back after U.S. and Israeli
strikes.
The government is continuously monitoring the situation and
is “reasonably confident that if one source closes, another
window will open”, the source told reporters.
Indian refiners process about 5.6 million barrels per day of
crude, with about 40% of their crude imports passing through the
Strait of Hormuz, he said.
The South Asian nation holds sufficient crude inventories to
meet demand for about 25 days. Also, refiners hold 25-day
inventory of gasoil, gasoline and liquefied petroleum gas, he
said.
However, the position is tighter for natural gas. India has
only a few days of LNG supplies left after its largest supplier,
Qatar halted LNG production on Monday.
“If Qatar doesn’t open in the next few days, then we may
have to scout for alternatives and take additional measures,” he
said.
Indian companies have already reduced gas supplies to some
industrial customers from Monday.
The source did not mention whether Indian refiners would
increase purchases of Russian oil.
In recent months, Indian refiners curtailed purchases of
Russian oil to avoid punitive tariffs imposed by President
Donald Trump and help New Delhi clinch an interim trade deal
with Washington.
Published on March 3, 2026