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Union Minister for Petroleum and Natural Gas Hardeep Puri held a review meeting on Friday with the petroleum secretary and heads of Indian energy PSUs.
"We have adequate energy supplies for the coming months," the minister wrote on X after the meeting. The oil supply update by the minister attaches importance, given that the international oil prices shot up sharply post the early morning attack on Iran by Israel. At the time of filing this report, crude oil WTI futures were trading 6 per cent higher at USD 72.04 per barrel. India's energy strategy is shaped by successfully navigating the trilemma of energy availability, affordability and sustainability under the "dynamic leadership" of Prime Minister Narendra Modi, the minister added in his X post. Highlighting that India has diversified its sources of oil supply for cheaper purchases, Minister Puri has, on various occasions, said that the country is now importing oil from as many countries as possible to meet its demand. India imports USD 150 billion worth of energy annually, and imports provide over 80 per cent of its crude oil requirement. The government has taken various steps to increase domestic crude oil production and reduce imports. "...a wider Middle East conflict with impact on Saudi, Iraq, Kuwait and UAE oil supplies can lead to sharp spike in oil prices," Madhavi Arora, Chief Economist, Emkay Global Financial Services, said in a note today. "There is risk of this escalating though earlier also once Israel attacked Iran with the latter retaliating and both claiming success and denying major damage and the tensions faded. However in this case more details are awaited and in the near term oil would be highly volatile," Arora added. (ANI)
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