๐๐ป๐ฑ๐ถ๐ฎ ๐ฆ๐ฒ๐ฐ๐๐ฟ๐ฒ๐ ๐๐ฟ๐๐ฑ๐ฒ ๐ข๐ถ๐น ๐ฎ๐ป๐ฑ ๐๐ฃ๐ ๐ฆ๐๐ฝ๐ฝ๐น๐ถ๐ฒ๐ ๐๐บ๐ถ๐ฑ ๐ ๐ถ๐ฑ๐ฑ๐น๐ฒ ๐๐ฎ๐๐ ๐๐ฟ๐ถ๐๐ถ๐
Indian refiners have secured crude oil supplies through at least August. LPG supplies will last through at least mid-July.
- Refiners increased purchases from Abu Dhabi National Oil Co and other suppliers through ship-to-ship transfers
- ADNOC supplied crude from Fujairah, Zirku, and Das Island, plus transfer points in the Fujairah-Sohar region and Malaysia
- Most LPG cargoes came from Sohar
- Hindustan Petroleum Corp bought 4 million barrels of Murban crude from the UAE for August delivery from Totsa and Mercuria at about 40 cents per barrel above the July Dated Brent benchmark
- HPCL bought 2 million barrels from Brazil and West Africa for its Rajasthan refinery, which processes 180,000 barrels per day
- Indian Oil Corp and Mangalore Refinery and Petrochemicals Ltd procured crude through spot tenders
The Middle East conflict has disrupted global energy supplies for more than 100 days. The crisis started on February 28 when the US and Israel launched joint strikes on Iran. Iran then tightened control of the Strait of Hormuz. Indian refiners expanded purchases from Latin America and Africa and received some supplies from Saudi Arabia.
India and the UAE are working to expand strategic oil reserves. The two countries want to fast-track the creation of 30 million barrels of strategic reserves. They signed memoranda of understanding during Prime Minister Narendra Modi's visit to the UAE last month.
India imports nearly 88 percent of its crude oil. It is the third-largest energy consumer in the world.
India's ambassador to the UAE, Deepak Mittal, said the countries plan to raise UAE-linked crude storage in India to 30 million barrels from 5.8 million barrels. The plan uses existing underground storage caverns and new infrastructure. The initiatives include a framework for gas reserves.