Cork [Ireland], June 22 (ANI): Amid escalating tensions in the Middle East and Iran’s consideration of closing the strategically vital Strait of Hormuz, Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Sunday assured that the Indian government is well prepared to manage any potential disruption to global oil supplies.
Speaking to ANI, Puri said the Modi government has taken extensive measures over the years to ensure fuel supply stability and affordability for Indian citizens. “The Modi government has, over the past several years, not only ensured the stability of supplies but also affordability. We will take all necessary measures to ensure that,” he stated.
Addressing potential market reactions to a possible closure of the Strait, Puri said, “It’s very difficult to speculate on the price factor. The oil price for a long time was between $65 and $70 per barrel. Then it was between $70 and $75. Today is a Sunday. When the markets open tomorrow, the consequences of the closure of the Strait of Hormuz will be factored in. But as I’ve been saying for a long time, enough oil is available in the global markets.”
He emphasized that new supply routes and increased production from the Western Hemisphere have bolstered global availability. “More and more oil is coming into global markets, particularly from the Western Hemisphere. Even traditional suppliers would be interested in keeping the supplies going because they also need revenue. So hopefully, the market will factor that in,” Puri added.
In a post on X, the Union Minister further reassured citizens about the government’s readiness. “We have been closely monitoring the evolving geopolitical situation in the Middle East since the past two weeks. Under the leadership of PM @narendramodi Ji, we have diversified our supplies in the past few years and a large volume of our supplies do not come through the Strait of Hormuz now,” Puri wrote.
He noted that India’s oil marketing companies have sufficient reserves and are receiving energy supplies through multiple routes. “Our Oil Marketing Companies have supplies of several weeks and continue to receive energy supplies from several routes. We will take all necessary steps to ensure stability of supplies of fuel to our citizens,” he added.
The remarks come in the wake of reports by EuroNews stating that Iran is seriously considering closing the Strait of Hormuz following U.S. airstrikes on its underground nuclear facilities at Natanz, Fordow, and Isfahan.
Iranian Revolutionary Guard commander and lawmaker Sardar Esmail Kowsari told local media that the closure is “under consideration,” describing it as part of a broader response to the recent U.S. military action.
On Sunday, U.S. President Donald Trump confirmed that American forces had carried out “very successful” precision strikes on key Iranian nuclear sites, escalating tensions in an already volatile region. (ANI)
About The Author
