<ul data-eligibleForWebStory="true"><li>India's Oil Minister Hardeep Singh Puri stated that India has sufficient energy supplies despite escalating tensions in major energy supply regions.</li><li>Puri holds periodic reviews of energy availability with oil industry leaders to shape India's energy strategy based on availability, affordability, and sustainability.</li><li>Global oil prices surged after Israel's strike on Iran, with Brent crude surpassing $75 per barrel.</li><li>India, a significant oil and gas importer, sources over 85% of its crude oil and about half of its natural gas needs.</li><li>Despite the recent price spike, current oil prices remain lower than last year's levels and well below the $100+ per barrel seen in early 2022 during the Russia-Ukraine conflict.</li><li>Russia and Qatar are India's major suppliers of crude oil and natural gas, respectively, for various domestic uses.</li><li>The tension between Israel and Iran has raised concerns about potential oil spikes, with analysts like JPMorgan foreseeing a potential $120 oil spike while maintaining a $60 base case for 2025-26.</li></ul>

Israel-Iran Tensions: Hardeep Puri Says India Has Adequate Energy Supplies

Discover more