National interest paramount: Jaishankar amid energy security concerns due to US-Iran war

EXternal affairs authorities minister S Jaishankar on mon said the government remains committed to safeguarding bharat’s vitality security while ensuring that national interests remain the top priority, as geopolitical tensions in West Asia continue to disrupt global oil markets.Speaking in the Rajya Sabha, Jaishankar said India’s approach to energy procurement will be guided by costs, risks and the availability of supply.“On energy security, the government remains committed, taking into account the costs, risk and availability of sources,” he said.He emphasised that the government will prioritise the country’s interests while navigating global uncertainties.“The interest of Indians is the top priority. Our national interests will always be paramount,” Jaishankar told the Upper House.Government monitoring energy suppliesHis remarks come amid rising concerns over energy supplies and prices due to the escalating conflict in West Asia, which has affected oil production and shipping routes in the region.The government has sought to reassure markets and consumers that the situation does not pose an immediate threat to India’s energy security. Petroleum minister Hardeep Singh Puri had earlier said the country has adequate reserves to deal with the current situation.According to officials familiar with the matter, India currently has sufficient crude oil stocks and fuel reserves, apart from the strategic petroleum reserves maintained by the government.Authorities have also set up a 24x7 control room to monitor fuel supplies and stock levels across the country.“At present, the government is reasonably comfortable in terms of stocks,” the petroleum ministry said in a statement earlier.Dependence on Gulf energy suppliesIndia imports just over five million barrels of crude oil per day, making it one of the world’s largest energy importers.Of this, around 2.5 million barrels per day typically pass through the Strait of Hormuz, the narrow waterway between Iran and Oman that serves as a crucial route for global oil shipments.The ongoing conflict in the region has disrupted shipping in the strait and raised concerns about potential supply disruptions.However, officials say India has diversified its energy sourcing in recent years, with more than 60 percent of its supplies now coming from producers in North America, Latin America, West Africa and the Asian part of Russia.India currently sources crude oil from more than 40 countries, which helps reduce dependence on any single region.