Israel-Iran tension: India has adequate energy supply, Union Minister Puri says that between rising raw value; Energy strategy citing Trilamma

A sharp spike in global raw price prices after Israel’s aerial attack on Iran, Central Petroleum and Natural Gas Hardeep Singh Puri said on Friday that India has sufficient energy supply for the coming months and a well -known calibrated strategy continues to navigate global energy volatility.Taking on the social media platform X (East Twitter), the minister said that he made a periodic review of the energy availability landscape with senior officials of India’s oil industry. Hardip Puri held a review meeting with Petroleum Secretary and Indian Energy PSU heads on Friday, ANI said.Puri wrote, “India’s energy strategy has been successfully navigated by the energy availability, strength and stability.” “We have enough energy supply for the coming months.”His comment came when the raw price increased, after the report of Israeli attacks on Iran, intraday trading increased by more than 10% – the area responsible for a major part of global energy exports increased. While the prices decreased slightly, Brent was still trading near $ 75 per barrel, which was more than 5% compared to Thursday’s bandh.Given that India has diversity in its sources of oil supply for cheap purchases, Minister Puri has said on various occasions that the country is now importing oil from more and more countries to meet its demand.India, crude oil and fourth largest gas buyer’s third largest importer, is especially sensitive to such disruption. PTI reported that the country imports more than 85% of its crude oil and about 50% of natural gas, with more than 40% of oil and half gas accounting in the Middle East.Despite the Friday spike, oil prices are more than 10% compared to this time last year and after Russia’s invasion of Ukraine, below $ 100+ per barrel levels in early 2022.India has diversity in its sourcing in recent years. Russia has become India’s top crude oil supplier, providing a discounted barrel that is refined in fuel like petrol and diesel. On the gas front, Qatar remains the largest supplier, which exports liquefied natural gas (LNG), converted into compressed natural gas (CNG), pipes in homes, and used in power generation and fertilizer production.Puri’s statement demanded to assure the markets and the public that India’s energy security remains intact, even global uncertainty remains in major suppliers.