Hardeep Puri, India's Petroleum Minister, stated in parliament on Thursday that the country's oil supply is secure and that there is no need for "rumour mongering" against the opposition.The world has never seen a situation like this in modern energy history... India's oil supply position is solid, and the volume secured exceeds what the Hormuz would have supplied," the Minister stated.
The Middle East war is causing the largest oil supply shock in history, the International Energy Agency warned Thursday, as Iran started a new wave of attacks on Gulf energy targets, sending prices beyond $100 per barrel.The battle, which began on February 28 with American-Israeli attacks on Iran, is limiting the world economy's supply of oil and reducing production capacity.
The Paris-based International Energy Agency (IEA), a global authority on energy markets, claimed the 13-day battle is "creating the largest supply disruption in the history of the global oil market," surpassing those of 1970s. The Gulf states' overall oil output has decreased by at least 10 million barrels per day, and there are "no signs of a de-escalation in hostilities," it added.

Iran has effectively shut down the Strait of Hormuz, which transports one-fifth of world crude oil.Prior to the crisis, over 45% of India's oil imports went through the Strait of Hormuz route. Thanks to the Prime Minister's tremendous diplomatic outreach and goodwill, India has obtained crude volumes that exceed what the interrupted state of Hormuz could have provided in the same time period," Hardeep Puri stated.
The Minister said that LPG production has increased by 28% and that the domestic supply is completely protected."In the previous five days, LPG production has increased by 28% due to refinery directives, and further procurement is currently happening. The Modi government's top objective is to ensure that India's 33 crore families, particularly the poor and impoverished, have access to adequate food. "Domestic supply is fully protected, and the delivery cycle remains unchanged," the Minister stated.
The Minister stated that even in the event of a prolonged conflict, electricity generation for every family is entirely protected, as procurement has been diversified, with cargoes arriving from the United States, Canada, and other countries.

"Large LNG cargoes arrive on a nearly daily basis via different supply lines. India has sufficient gas production and supply arrangements to maintain its current position even in the case of a prolonged battle. Power generation for all households and industries is totally protected...Procurement has now been actively diversified, with cargoes secured from the United States, Norway, Canada, Algeria, and Russia," he stated.
He stated that "refineries are operating at high capacity utilisation".In several situations, they exceed 100%. There is no shortage of gasoline, diesel, kerosene, ATF, or fuel oil. "The availability of petrol, diesel, aviation, turbine fuel, kerosene, and fuel oil is completely guaranteed," he stated.The Minister stated that "non-Hormuz sourcing has increased to around 70% of crude imports, up from 55% before the conflict began.
According to the minister, India's sources increased from 27 to 40 countries between 2006 and 2007."This structural diversification, which has been achieved through consistent policy over the years, has provided us with options that other countries do not have."