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Strait of Hormuz Importance: Amidst tension in the Middle East, Iran’s Parliament has now been approved to close the hormun Strait. The supply chain of crude oil is expected to be affected due to its closure. However, Petroleum Minister Hardeep Singh Puri said that there is no shortage of crude oil and the government is closely eyeing it. But, despite the US aerial attack on Iran’s nuclear installations, if the sea -transport seaside also stops the Strait of Iran Hormun, then India is not going to make much difference.
Straight of hormun closure will not affect
According to industry experts, if the hormun strandary is closed, then India will have many options to import oil. From countries from Russia to America and Brazil, India can import oil of its needs as an alternative source.
As soon as the tension between Iran and Israel increased the Iranian Parliament has approved the closure of Hormun Strait. From here, about 20 percent of the total oil and gas supply of the world is transported by this waterway. India imports about 40 percent of its oil and gas needs from this part. This hormuz is located between Iran in the north and Oman in the south and the United Arab Emirates. It is a major part of oil transport from major oil producing countries Saudi Arabia, Iran, Iraq, Kuwait and UAE.
India depends on imports 90% oil
India imports about 90 percent of its needs, out of which about 40 percent of which comes from the countries of Midil East via this hormun Strait. India imports about 51 lakh barrels of oil, which is converted to the refinery and prepared petrol and diesel.
But, in the event of the closure of this route, the oil prices in India are set to rise. But it will not have much effect in India. Actually, the reason behind this is that as soon as tension in the middle East increased, India increased the purchase of oil from Russia in June. Middle East supplier increased oil imports from countries such as Saudi Arabia and Iraq. The oil hormun imported from Russia comes via a suicide canal separate from the strait. Apart from this, countries like America, West Africa, Latin America are also in option for oil backup countries as an alternative.
