India is preparing to source crude oil from outside the Persian Gulf and is preparing to cut the exports of its own sophisticated products if the Strait of Hormuz is blocked by vessels, Petroleum Minister Hadeep Puri said on Thursday.
About a quarter of the world’s oil trade passes through the major waterways that link the Gulf to the Indian Ocean. Some market watchers are concerned that Iran, trapped in a longtime conflict with enemy Israel, could choose to attack tankers sailing through Hormuz or shut down the channel completely.
Puri told NDTV TV. “We have sufficiently diverse supplies,” and “Even if there is confusion, we can source it from alternative sources.”
Iran previously threatened to close the straits during the conflict, but so far there is no indication that it is happening. According to Puri, 5.5 million barrels of oil India consumes daily, with 1.5 million barrels passing through the waterway.
“I don’t think this is something we are overly concerned about,” he said. There is plenty of crude oil in the global market. So there’s a price that’s a concern, not a supply, he said.
Product export
India is a net exporter of petroleum products, and refiners such as Reliance Industries Ltd. and Nayara Energy transport are transported to countries including the United Arab Emirates, Singapore, the US and Australia. If necessary to maintain adequate stockpile at home, they can be shipped less, Puri said.
India’s product exports averaged 1.3 million barrels per day so far this year, with Reliance and Nayara accounting for 82% of shipments, Kpler Data shows.
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Released on June 20, 2025
