U.S.-Iran tensions push India's LNG prices above $23 per MMBtu
India's LNG prices have shot up thanks to supply disruptions in the Strait of Hormuz, triggered by the ongoing U.S.-Iran tensions.
State-run companies like Gail India and Gujarat State Petroleum Corp. are now paying over $23 per million Btu for September deliveries, the highest since 2022, according to Bloomberg.
Iranian attacks on Qatar's export terminal and regional maritime troubles have made things worse, forcing Indian firms to scramble for spot market deals and prioritize essentials like fertilizer production.
India diversifies LNG and oil suppliers
To keep things steady, India is now sourcing LNG from 15 countries (up from six) and crude oil from 41 nations (previously 27).
This move is all about reducing reliance on a few suppliers or risky routes.
The government is working closely with public-sector oil and gas companies to stay on top of global supply shifts and make sure critical sectors don't run dry.