India ready for Hormuz Strait disruptions with oil stockpile
India's Petroleum Minister, Hardeep Singh Puri, reassured everyone that the country is prepared for any disruption in the Strait of Hormuz—a super important route for global oil shipping and a major source for India's daily oil imports.
Puri plays down worries about price spikes
Puri explained that India has enough crude reserves to last about 77 days and isn't relying on just one region for oil.
He also played down worries about price spikes if the Strait closes, saying there are enough global supplies and backup options.
India is already the world's 4th-largest crude refiner
India, already the world's fourth-largest crude refiner, is ramping up its refining capacity.
These steps are meant to keep fuel supplies steady even if things get tense globally.
India's energy demand expected to make up global growth's quarter
With India's energy demand expected to make up a quarter of global growth over the next 20 years—and recent Iran-Israel tensions putting extra pressure on the Strait—having solid backup plans matters more than ever.