India's Energy Supply Stable Despite Hormuz Threat: Puri

New Delhi, Jun 23 (KNN) Union Petroleum and Natural Gas Minister Hardeep Singh Puri assured citizens on Sunday that India's energy supply remains stable despite escalating tensions in the Middle East and potential disruptions to the Strait of Hormuz.

The minister emphasised that India has significantly diversified its oil import routes in recent years to reduce dependence on the critical maritime passage.

"We have diversified our supplies in the past few years and a large volume of our supplies do not come through the Strait of Hormuz now," Puri stated in a post on social media platform X.

He further assured that India's Oil Marketing Companies maintain supplies for several weeks and continue to receive energy supplies through multiple routes.

The Strait of Hormuz, a narrow waterway connecting the Persian Gulf and the Gulf of Oman, serves as a crucial global trade artery, facilitating approximately 30 percent of worldwide oil shipments and one-third of global liquefied natural gas (LNG) transportation.

Any disruption to this passage could have significant implications for international energy markets.

Puri confirmed that Indian authorities have been closely monitoring the evolving geopolitical situation in the Middle East over the past two weeks.

The minister stated that the government will implement all necessary measures to ensure continued fuel supply stability for citizens.

According to media reports, the Iranian Parliament approved the closure of the Strait of Hormuz on Sunday following what has been described as US Operation Midnight Hammer strikes on three major Iranian nuclear facilities.

However, the final decision regarding the suspension of movement through this critical trade route remains pending approval from Supreme Leader Ayatollah Khamenei.

Economic experts have cautioned that any closure of the strait could deliver a severe impact to global oil supplies during a period when the world economy faces multiple challenges across various regions.

The potential disruption comes at a time when international markets are already experiencing volatility due to ongoing geopolitical tensions.

(KNN Bureau)