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livemint.com / 2 months ago
livemint.com / 2 months ago
livemint.com / 2 months ago
livemint.com / 2 months ago
India draws up contingency plans as Gulf tensions spike oil prices
Subscribe to enjoy similar stories. India is developing contingency plans for crude oil imports as rising tensions in West Asia push global oil prices higher and raise fears of supply disruptions.
Oil prices have surged about 7% in the past three sessions following a large US military buildup in the region and President Donald Trump’s threats to bomb Iran. Three people aware of the developments said India is exploring alternative supply routes, expanding its supplier network, and building up its domestic reserves to ensure energy security.
Risks escalated last week after Iran partially restricted movement through the Strait of Hormuz—a critical pass-through point for global crude oil and liquefied natural gas supplies. For India, which imports 90% of its crude requirements, roughly 1.5-2 million barrels of the country’s daily oil import of 5.5 million barrels comes through this narrow passage from countries like Saudi Arabia, Iraq, Kuwait and the UAE.
“The contingency for ensuring energy security involves securing crude oil supplies through two pipelines specifically built to bypass the Strait of Hormuz, tapping Abu Dhabi National Oil Company (Adnoc) and Saudi Arabian Oil Co’s (Saudi Aramco’s) global reserves and portfolios for replacement barrels," one of the people cited above said, requesting anonymity. The two pipelines—the Adnoc-operated 360-km Habshan-Fujairah strategic oil pipeline with a 1.5 million barrels per day (mbpd) capacity that opens to the Gulf of Oman; and the Saudi Aramco-operated 1,200-km east-west crude oil pipeline with a 5 mbpd capacity that offers access to the Red Sea—may be tapped in case the Strait of Hormuz comes to a closure.
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Subscribe to enjoy similar stories.Pain is invisible; the sufferer has to make noise for it to be acknowledged, treated or accepted. Mumbai-based artist Koshy Brahmatmaj, 34, lives with chronic endometriosis, a painful condition that afflicts millions of women around the world.
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21.05 / 09:47
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