Centre draws up contingency plan for oil as Gulf tensions spike
New Delhi, Feb. 23 -- India is exploring contingency plans for crude oil imports as rising tensions in West Asia push global oil prices higher and raise fears of supply disruptions. Oil prices have surged about 7% in the past three sessions following a large US military build-up in the region and President Donald Trump's threats to bomb Iran.
Three people aware of the developments said India is exploring alternative supply routes, expanding its supplier network, and building up its domestic reserves to ensure energy security.
Risks escalated last week after Iran partially restricted movement through the Strait of Hormuz-a critical pass-through point for global crude oil and liquefied natural gas supplies.
For India, which imports 90% of its...
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