“There is no need to panic, we are very safe,” sources said.
As much as 50 days of stock is a reasonably comfortable situation, sources said.
India is still receiving around 1.04 MBD of crude oil from Russia. The crude oil could trend at over $82 in the next 10 to 15 days, sources said.
Post the Iran-Israel conflict, the crude oil prices are expected to come back to $70-$75/bbl, sources said, adding that later the crude prices may hover below $70/bbl.
India is very comfortable with LNG for the next two to three weeks, sources said.
The government sources added that they do not plan to curb exports of petroleum products.
Sources said they are already looking at alternative supplies for everything.
The LPG supply from the US has already started from January, sources said.
The sources said they do not think Qatar LNG will be off the market for too long; it is currently on a pause.
Sources said they have diversified LPG sourcing from Norway, US as well.
As much as 40% of India’s supplies are from the Strait of Hormuz, 60% is from elsewhere, sources said.
The tankers are currently anchored in the waters of Hormuz. However, the problem is insurance, sources said, adding that they will know more in a few days because of how the negotiations take place.
The Centre is monitoring on a daily basis and is cautiously optimistic, sources said.
