Business EconomyPosted at: Jun 18 2026 3:54PM


India needs diversified crude import routes, deeper storage: Report

New Delhi, June 18 (UNI) India needs better options in the form of diversified crude import routes and deeper storage and inventory buffers, S&P Global Energy said.
The West Asia crisis has come as a wake-up call for India for its energy needs, and India needs credible alternatives that reduce its import-linked exposure, including for liquefied petroleum gas (LPG), where structural dependence on the Gulf has been exposed.

"India’s crisis management has worked in the near term, but a prolonged disruption limits complacency, particularly in securing sufficient feed through the end of the year. The low-demand monsoon season may help by reducing inventory draws, but India also needs to prepare for the seasonal uptick during the fourth quarter festive period, when global crude flows would still take time to return to normal even if routine movements through the Strait of Hormuz resume," S&P Global Energy said.
"While the system has held up so far, the episode has exposed a deeper vulnerability: India’s crude oil dependence and the resulting knock to energy security, despite ongoing crude diversification efforts," it added.
"Nevertheless, domestic fuel security has largely been protected: India’s oil ministry says inventories provide more than adequate coverage for 76-80 days of crude and refined products available in the country," the report said.
It added that these price dynamics, coupled with broader external headwinds, have led to a marginal softening of industrial power demand from export-oriented enterprises, creating operational trade-offs for system operators, leading to renewable curtailment or sub-optimal thermal dispatch.
The Hormuz disruption has removed 15 million barrels per day of global oil flows, and for Indian refiners, this has implied a loss of 20 per cent of pre-war West Asia crude supply as they try to quickly make up the shortfall from alternative sources, including Russia, Venezuela, and the US.
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