UAE becomes a key oil supplier to India — The National

India has expanded its crude oil imports to about 43 countries amid supply disruptions through the Strait of Hormuz. The United Arab Emirates has become one of the key energy suppliers to India, The National reports, citing India’s Oil and Natural Gas Ministry Secretary Neeraj Mittal.

According to him, India has also begun purchasing oil from other countries, including Venezuela. Mittal said that diversifying supply sources enabled the country to buy energy resources where they were available.

UAE’s share in imports

The UAE supplies approximately 15–20% of India’s total energy imports. According to Mittal, the Emirates account for about 25% of Indian imports of liquefied petroleum gas, 10% of liquefied natural gas, and 15% of crude oil.

India has also increased its purchases of energy resources from the United States. The share of US liquefied petroleum gas in total imports of this fuel, according to the official, rose from 10% at the beginning of the year to 67%.

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Prices and new projects

Supplies to the global market were disrupted after the effective closure of the Strait of Hormuz following the outbreak of the war in Iran on February 28. Before the war, about one-fifth of global oil and gas flows passed through this waterway.

The price of Brent crude, according to the publication, has risen by more than 45% since the start of the war and was approaching $105 per barrel, while in April it briefly reached $126. Mittal called price volatility a more serious problem than their absolute level.

India is also seeking to reduce its dependence on imported oil: in July, the country launched a $9 billion oil exploration program in ultra-deepwater and deepwater areas, as well as a $2.5 billion waste-to-biogas initiative.