India has 60 days' worth of oil supplies in case of disruption to Hormuz

India has secured crude supplies for the next 60 days. This will ensure stable fuel supplies to 'the country, despite disruptions in shipments from Middle East.

India, the world's largest oil consumer and buyer, imported over 40% of all its oil from the Middle East. The U.S. and Israeli war against Iran has disrupted those supplies.

The government stated that the availability of crude oil on global markets, especially in the Western Hemisphere, has helped to offset the shortage.

Indian refiners also increased their purchases of Russian crude to help fill the'supply gap'.

The ministry said that despite the Strait of Hormuz situation, India receives more crude oil than ever before from its 41 plus suppliers around the globe.

The government of India said that as a net exporter, India has a structurally stable domestic supply of petrol and diesel.

It added that the world's fourth largest refiner had enough oil and fuel to last 60 days. The total storage capacity is 74 days.

Every Indian has access to a steady supply of nearly two months, regardless what happens in the world. "The next two months' crude supply has also been secured", it said.

India is asking refiners in the Middle East to increase the production of LPG, which it uses as a cooking fuel. 90% of the LPG that India imports comes from there.

It said that domestic daily LPG production had increased by?40%, to 50,000 tons compared with a demand of 80,000 tonnes.

It said that Indian companies also secured '800,000 tonnes of LPG cargoes, from the United States, Russia and Australia.

The government announced that these shipments will provide approximately one month's supply of LPG at India's 22 LPG terminals. Further procurement is underway.

(source: Reuters)