India Strengthens Energy Security by Expanding Oil Imports to 39 Sources

India's petroleum minister, Hardeep Singh Puri, emphasizes the country's diverse oil import sources, growing from 27 to 39, ensuring robust energy security. With global oil supply exceeding demand, India is strategically well-placed amid geopolitical challenges. Expansion of refining capacity by 2030 is expected to meet the rising domestic demand.

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, has announced India's preparedness to meet its increasing energy demands through a diversified oil procurement strategy. The country now sources oil from 39 suppliers, a significant increase from the previous 27, showcasing India's strategic positioning in the global oil market.

Addressing potential oil market disruptions, Puri assured that the current global oil supply surpasses consumption, thereby stabilizing the market. He stated, "Today, there is more oil available in the world than there is consumption. Even if some parties hold back, new suppliers have entered the market. In the short to medium term, I foresee no oil shortages globally."

Amid geopolitical factors influencing global oil markets, India's move to broaden its supplier base ensures energy security for its burgeoning economy. Notably, Russian crude represented a record 44% of India's total imports in July 2024. India's oil marketing companies are set to expand refining capacity to 295 MT by 2030, driven by growing domestic demand.

(With inputs from agencies.)