New Delhi: India’s oil supply chain remains stable as a result of diversification over the years, Oil Minister Hardeep Puri said on Sunday that the Parliament of Iran passed a resolution to block the straight of Hormuz, which is the fifth of the global sea oil and one -third of the LNG shipment.“We have been closely monitoring the geopolitical situation developing in the Middle East for the last two weeks. Under the leadership of PM @narendramodi Ji, we have diversified our supply in the last few years and a large amount of our supply is no longer through the straight of Hormuz,”Indeed, the latest data of the analytics firm KPler showed Indian refiners far away from the Middle East, as the hostile outbreak between Israel and Iran stopped the possibility of hormuz shutdown. In June, for example, oil imports from Russia and America beaten up joint versions from traditional Middle East suppliers such as Iraq and Saudi Arabia.India currently imports oil from 13 countries. India does not buy any oil from Iran. But Hormuz is still important for India as 40% of its oil imports still pass through this narrow waterway between Iran and Oman.Puri, however, assured the supply to the citizens. “Our oil marketing companies have several weeks supply and continue to receive energy supply from several routes. We will take all the necessary steps to ensure stability of fuel supply to our citizens,” he said.India currently imports oil from 13 countries. India does not buy any oil from Iran. But Hormuz is still important for India as 40% of its oil imports still pass through this narrow waterway between Iran and Oman.The last word depends on the Supreme Council of Iran, which is to approve the Parliament proposal. Closing hormuz can lead to turmoil in global oil trade and can cause spikes in raw prices as the alternative routes for the extraction of middle-east oil are limited to about 2-3% of the daily global supply. In 1984, the Strait stopped effectively during the Iran-Eraq ‘Tanker War’.
