+
India's Oil supplies secure amidst Israel-Palestine conflict, minister
OIL & GAS

India's Oil supplies secure amidst Israel-Palestine conflict, minister

India's Petroleum and Natural Gas Minister, Hardeep Puri, reassured the public that the ongoing Israel-Palestine conflict would not impact crude oil supplies to India. Despite a 3% rise in oil prices, reaching $87 per barrel due to the conflict between Israel and Hamas, Puri stated that India would continue to receive its oil supplies. He emphasised that the global energy industry's focal point was the site of the conflict, and India was vigilantly monitoring the situation. Puri acknowledged that the world was not facing a crude oil shortage; the challenge lay in the artificial production cuts by OPEC+ countries, led by Saudi Arabia and Russia, which were elevating oil prices and causing economic difficulties for oil-importing nations like India.

Puri underscored concerns about potential disruptions in sea transport or escalation of the conflict impacting oil supplies and prices. Refinery executives shared similar worries about daily price fluctuations, with a preference for stable monthly average prices. The impact of sustained high prices could lead to reduced marketing margins for refiners, considering the challenges in revising domestic retail prices. The situation remained unpredictable due to the involvement of various regional powers like Iran, Saudi Arabia, and Turkey, each with their geopolitical ambitions, complicating the conflict beyond the immediate parties involved.

India's Petroleum and Natural Gas Minister, Hardeep Puri, reassured the public that the ongoing Israel-Palestine conflict would not impact crude oil supplies to India. Despite a 3% rise in oil prices, reaching $87 per barrel due to the conflict between Israel and Hamas, Puri stated that India would continue to receive its oil supplies. He emphasised that the global energy industry's focal point was the site of the conflict, and India was vigilantly monitoring the situation. Puri acknowledged that the world was not facing a crude oil shortage; the challenge lay in the artificial production cuts by OPEC+ countries, led by Saudi Arabia and Russia, which were elevating oil prices and causing economic difficulties for oil-importing nations like India.Puri underscored concerns about potential disruptions in sea transport or escalation of the conflict impacting oil supplies and prices. Refinery executives shared similar worries about daily price fluctuations, with a preference for stable monthly average prices. The impact of sustained high prices could lead to reduced marketing margins for refiners, considering the challenges in revising domestic retail prices. The situation remained unpredictable due to the involvement of various regional powers like Iran, Saudi Arabia, and Turkey, each with their geopolitical ambitions, complicating the conflict beyond the immediate parties involved.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

KONE Opens India's First Digital Experience Centre in Pune

KONE, a global elevator and escalator manufacturer, has inaugurated its first Digital Experience Centre (DEC) in India, located in Pune. The facility aims to showcase how artificial intelligence (AI), connectivity and data-driven technologies can enhance customer experiences and improve building operations.The centre was inaugurated by Jussi Herlin, Executive Vice Chair, KONE Corporation; Philippe Delorme, President and CEO, KONE; and Nandan Nilekani, Co-founder and Chairman of the Board, Infosys.Designed as an interactive customer environment, the facility demonstrates digital solutions cover..

Next Story
Infrastructure Urban

CII GreenCo Launches Circularity Guidelines for Indian Industry

The Confederation of Indian Industry (CII) GreenCo Council has launched the CII GreenCo Circularity Guidelines – Pilot Version at the 17th CII GreenCo Waste & Resource Management Summit 2026 in Chennai. The initiative aims to strengthen resource efficiency, waste reduction and circular economy practices across Indian manufacturing and process industries.The guidelines introduce a structured framework with circularity indices covering raw materials, consumables, packaging and other resource inputs. These indicators will help industries assess existing practices, identify opportunities to ..

Next Story
Infrastructure Energy

Global Electronics Association Launches IPC-1783-CO2E Standard

The Global Electronics Association has introduced IPC-1783-CO2E, a new international standard aimed at improving consistency, transparency and comparability in product carbon footprint reporting across the electronics manufacturing industry.The standard, titled International Standard for Data Collection and Reporting of CO2 Equivalent (CO2e) Emissions for the Electronics Manufacturing Supply Chain, provides industry-specific guidance for collecting, estimating and reporting carbon emissions data.With increasing regulatory requirements and customer expectations, electronics manufacturers face c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code