For India, the move is particularly significant as about 40% of its crude oil imports and over 50% of its LNG shipments pass through this narrow strait.
Speaking to ANI, Puri said the government had anticipated such a scenario. “The escalation in the region was not entirely unexpected. The government, under Prime Minister Narendra Modi, has been reviewing the situation regularly, including the potential closure of the Strait,” he said.He emphasised that India had already diversified its sources of crude oil, significantly reducing its dependence on the Strait of Hormuz.
#WATCH | Israel-Iran conflict | Cork, Ireland: Union Minister Hardeep Singh Puri says, “… As far as the global situation today is concerned, the escalation of tensions in the Middle East was not entirely unexpected. We had foreshadowed this. The government, under the PM, has… pic.twitter.com/UwAGEVWdQb
– years (@ani) June 22, 2025
India consumes about 5.5 million barrels of crude oil daily. Of this, only 1.5 to 2 million barrels now come via the Strait of Hormuz, while 4 million barrels are sourced through other global routes, according to Puri.
He added that Oil Marketing Companies (OMCs) have adequate reserves. “Most OMCs have stock for up to three weeks, and one company has a 25-day supply. Deliveries are also continuing through alternative routes,” he said.
In a post on social media platform X, Puri stated, “We have been closely monitoring the evolving geopolitical situation for the past two weeks. Thanks to our diversified approach, a large portion of our oil supply is no longer dependent on the Strait of Hormuz.”
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…
– Hardeep Singh Puri (@HardeepSpuri) June 22, 2025
He reassured citizens that there is no cause for alarm, and the government is in touch with global partners to ensure continuous energy supplies.
Puri revealed that Prime Minister Modi has spoken with major global leaders, including the President of Iran, calling for peace and de-escalation. “We hope the situation will calm down rather than escalate further,” he said.
On the potential impact on oil prices, Puri said it was difficult to predict. “Oil has recently traded between $65 and $75. The impact of the Strait’s closure will become clearer when markets reopen. However, global oil supply is strong, with increasing output from the Western Hemisphere,” he explained.
He also pointed out that traditional oil exporters are likely to maintain supply levels to preserve their revenues.
Puri concluded by reaffirming the government’s commitment to energy security. “Over the years, the Modi government has ensured both stability and affordability of fuel for our citizens. We will continue to take all necessary measures to safeguard our energy interests.”
