What India is doing to address possible energy shortage
What's the story
Australia and Canada have reportedly offered to sell gas to India as the country seeks alternative energy sources amid the escalating conflict in West Asia, government sources told ANI. Currently, India imports 195 million metric standard cubic meters per day (mmscmd) of gas, with Qatar supplying 60 million mmscmd. Qatar has halted the production of liquefied natural gas (LNG) after its facilities were targeted in an Iranian drone attack this week.
Energy diversification
India in talks with oil producers and traders
India is also in talks with major oil producers and traders to buy crude and liquefied petroleum gas (LPG). The country is reportedly engaged in discussions with the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC). Additionally, India is negotiating with the United States to get insurance for ships. "India is reviewing the energy situation twice a day," the sources said.
New contracts
India is in a very comfortable position
Overall, India is in a very comfortable position in energy security, the sources added. Current position of stock is comfortable, with stock being replenished every day. The sources noted that there is no shortage of LPG or LNG, as well as crude oil in the world and that India is in touch with other suppliers as well.
Inventory status
India's current energy situation
India currently has around eight weeks of crude oil and petroleum products inventory, including strategic reserves. Notably, only about 40% of India's crude oil imports pass through the Strait of Hormuz, reducing its vulnerability to regional disruptions, the government sources told ANI. The country continues to import Russian crude as per existing contracts.