India's Commitment to Diverse Oil Sources Amid Global Tensions
India's Oil Procurement Strategy
On Wednesday, spokesperson for the Ministry of External Affairs, Randhir Jaiswal, emphasized that India will continue to procure oil from various sources, keeping in mind its energy security needs and the current international market conditions. These remarks were made during an inter-ministerial briefing concerning recent developments in West Asia. Jaiswal highlighted that considering the energy security requirements of 1.4 billion people, the existing state of the international market, and global circumstances, India will persist in its diverse oil purchasing strategy.
Discussions on Maritime Security
The spokesperson also mentioned that India is engaging in discussions with several countries regarding the Strait of Hormuz. He stated that efforts are being made to ensure the safe return of the remaining Indian vessels in the region. Since the onset of hostilities between the United States, Israel, and Iran, maritime operations in the Strait of Hormuz, a crucial trade route, have faced disruptions.
Bilateral Talks with the US
The Ministry of External Affairs also referenced a phone conversation between Prime Minister Modi and US President Donald Trump, during which they discussed the conflict in West Asia and bilateral relations. The spokesperson noted that Modi stressed the importance of keeping the Strait of Hormuz open and secure. The blockade of the Strait by Iran has significantly disrupted India's supply chain, as the country imports over 85% of its crude oil, making it the third-largest oil importer globally. Most of this oil is sourced from the Gulf region and passes through the Strait of Hormuz to reach New Delhi.
Safety of Indian Vessels
During the briefing, Mukesh Mangal, Additional Secretary of the Ministry of Ports, Shipping, and Waterways, reported that there have been no incidents involving Indian-flagged vessels in the past 24 hours. He assured that all Indian sailors in the Persian Gulf region are currently safe and confirmed that operations at all Indian ports are "normal," with no reports of congestion.