Topic
oil imports
Trade How India managed the Strait of Hormuz crisis without disrupting household energy supplies
India successfully managed the Strait of Hormuz crisis triggered by a US-Israel strike on Iran on February 28, avoiding disruption to household energy supplies. The response involved a rapid LPG Control Order, a surge in domestic LPG production from 35,000 to 54,000 tonnes/day, and diplomatic efforts to secure passage. The crisis was cushioned by a decade of infrastructure investments including doubling LPG import terminals to 22 and expanding refinery capacity to 258 million tonnes per annum.
Commodities India's Crude Oil Inventory Nears One-Year High on Strong Imports After US-Iran War Depletion
India's crude oil inventories have recovered to near a one-year high at 104 million barrels at end-June, according to Kpler, up from 90.5 million in April. The rebound was driven by strong imports, including record Russian crude purchases exceeding 2.5 million bpd, after stocks were depleted during the US-Iran conflict that disrupted flows through the Strait of Hormuz. The current inventory is sufficient for about 21 days of consumption.
Manufacturing India's EV Boom Could Save Rs 1 Lakh Crore in Oil Imports by 2030, Says SBI Report
According to an SBI report, India could save nearly Rs 1 lakh crore if electric vehicles account for 20% of the market by 2030. The report projects 35 lakh additional EVs will replace petrol vehicles between 2027 and 2030, and notes that EV registrations are climbing rapidly. However, charging infrastructure must keep pace, with fast chargers only 30% of the network.
Finance West Asia uncertainty, oil and gold imports weaken rupee: FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman attributed rupee weakness to persistent West Asia uncertainty and India's import dependence on crude oil, gas, fertilisers, and gold. She noted RBI intervention using forex reserves and the impact of FII/FDI outflows to the US on reserves. The rupee's slide is not unique, with the Japanese Yen and Korean Won also falling sharply.
Trade Venezuela's Rodriguez to Boost Oil Trade with India
Venezuela's interim President Delcy Rodriguez is set to visit India to discuss increasing oil imports amid Middle Eastern supply issues. Talks will cover energy, trade, and investment.