India is in a “very comfortable position” in terms of availability of crude oil, petroleum products and LPG supplies amid fears of a possible disruption of the Strait of Hormuz, ANI reported citing government sources.
They added that the country has access to a wider range of energy supplies than could be affected by a disruption in the Strait of Hormuz. Current reserves of crude oil and petroleum products in India are said to be sufficient to meet domestic demand.
They mentioned that the government is closely monitoring the situation and intends to increase supplies from alternative regions to counter potential supply constraints in the Strait of Hormuz.
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They also noted that India has greatly diversified its sources of oil imports in recent years. From 2022, the country started importing oil from Russia. While Russia accounted for only 0.2% of India’s total oil imports in 2022, its share has grown significantly since then.
“In February, India imported about 20% of its total oil imports from Russia, which is about 1.04 million barrels per day,” the sources said.
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Reports claiming closure of Mangalore Refinery and Petrochemicals Limited (MRPL) are not true, they claimed, saying that “MRPL’s refinery is fully operational and well stocked with sufficient oil reserves”.
As for LPG, the government has directed all refineries to increase production to ensure sufficient supply across the country. Officials said India remains in a comfortable position in terms of LPG stocks.
Sources added that LPG shipments from the United States have started arriving in India since January. Indian public sector oil companies signed an annual agreement in November 2025 to import approximately 2.2 MTPA of LPG from the US Gulf Coast for the contract year of 2026.
He further noted that authorities are also considering redirecting petrochemical production for domestic consumption to reduce demand pressure on the power sector.
“Plenty of oil on the market”: IEA chief
Meanwhile, International Energy Agency (IEA) chief Fatih Birol on Friday sought to ease fears of a potential global oil crisis as tensions continue to escalate in the Middle East, saying there was “plenty of oil on the market,” according to AFP.
The US-Israeli war against Iran and Iran’s retaliatory attacks in the Persian Gulf have pushed oil prices higher, raising fears of another spike in inflation that could affect the global economy.
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Speaking to reporters in Brussels, Birol said the war had caused “logistical disruption” which “created challenges for many countries”, but stressed that global oil supplies remained sufficient.
Asked if the IEA was considering releasing emergency reserves, Birol said “all options are on the table” but added that “at this stage” there were no plans for “collective action”.
“There’s a lot of oil; we’re not short of oil. There’s a huge glut in the market. We’re facing a temporary disruption, a disruption in logistics,” he mentioned.
Although Iran has not formally closed the Strait of Hormuz, a key route through which about a fifth of the world’s oil and significant volumes of gas pass, shipping through the strategic waterway has come to a near standstill.
Earlier this week, Donald Trump, the president of the United States, promised to protect vessels passing through the route, but oil prices remain high.
The ongoing conflict has driven oil prices up about 20 percent since February 27, the day before the attacks began. The International Energy Agency was established to coordinate global responses to major supply disruptions following the 1973 oil crisis.
