India Secures Gas Offers Amid West Asia Conflict

Australia and Canada have extended offers to supply gas to India, which is currently exploring alternative energy sources due to the ongoing West Asia conflict. India's current gas imports stand at 195 million metric standard cubic meters per day (mmscmd), with Qatar supplying 60 mmscmd. The Indian government is in continuous dialogue with major oil producers and traders, including the International Energy Agency (IEA) and OPEC, to secure necessary supplies. Discussions are also underway with the United States for ship insurance, underscoring India's proactive approach to energy security. Recent contracts with the UAE and the US aim to further diversify India's energy portfolio. The government is closely monitoring the global energy market, reviewing the situation twice daily to ensure uninterrupted supplies. India's energy security remains robust, supported by approximately eight weeks of inventory covering crude oil and petroleum products, including strategic reserves. Approximately 40% of India's crude oil imports transit through the Strait of Hormuz, indicating a diversified sourcing strategy that limits exposure to regional disruptions. Current inventory levels provide about 25 days of crude oil stock, supplemented by an equal amount for petrol and diesel. India continues to fulfill its existing contracts for Russian crude and maintains a comfortable position regarding LPG and LNG supplies.