S. Jaishankar on Monday said the government is committed to safeguarding India’s energy security while ensuring that national interests remain the top priority, as rising geopolitical tensions in West Asia continue to create uncertainty in global oil markets.
Speaking in the Rajya Sabha, the External Affairs Minister said India’s strategy for procuring energy will depend on factors such as cost, supply risks and availability of resources.
“On energy security, the government remains committed, taking into account the costs, risk and availability of sources,” Jaishankar said. He stressed that protecting the interests of Indian citizens remains the government’s foremost priority.
“The interest of Indians is the top priority. Our national interests will always be paramount,” he told the Upper House.
Government monitoring fuel supplies
Jaishankar’s remarks come amid growing concerns about global energy supplies due to the escalating conflict in West Asia, which has disrupted oil production and key shipping routes in the region.
The government has attempted to reassure markets and consumers that the current situation does not pose an immediate threat to India’s energy security. Earlier, Petroleum Minister Hardeep Singh Puri said the country has adequate reserves to manage the situation.
Officials familiar with the matter said India currently holds sufficient crude oil and fuel stocks, including strategic petroleum reserves maintained by the government.
Authorities have also established a 24×7 control room to closely monitor fuel supplies and stock levels across the country.
“At present, the government is reasonably comfortable in terms of stocks,” the petroleum ministry said in an earlier statement.
India’s dependence on global energy routes
India imports a little over five million barrels of crude oil per day, making it one of the world’s largest energy importers.
Around 2.5 million barrels per day of these imports typically pass through the Strait of Hormuz, the critical maritime route located between Iran and Oman that handles a significant share of global oil shipments.
The ongoing regional tensions have disrupted shipping activities in the strait, raising concerns about potential supply disruptions.
However, officials say India has significantly diversified its energy sources in recent years. More than 60 percent of its crude oil supplies now come from producers in North America, Latin America, West Africa and the Asian part of Russia.
India currently imports crude oil from over 40 countries, helping reduce its dependence on any single region and strengthening its overall energy security.
