crude oil

Global crude prices could jump to 200 US Dollars a barrel if India were to stop buying Russian Oil thus severely harming consumers worldwide, sources told ANI.

India faces a major energy crisis if the Strait is blocked, as nearly 70% of its crude and 40% of LNG imports pass through it, making Tehran’s threat a strategic concern for New Delhi.

In 1980 and 1988, when war broke out between Iran and Iraq, both countries targeted commercial vessels in the Gulf. Despite the attacks on the shipments, the Strait of Hormuz was not completely shut.

The reason behind such sustainable supply of crude oil amid tensions is the consistent expansion of its Strategic Petroleum Reserves (SPR). The programme to stockpile crude oil predates Prime Minister Narendra Modi. However, since he took office, India’s SPRs have increased exponentially.

In a major boost to the 'Make in India' initiative, India is likely to invest $10 billion ($850 million) by 2040 to purchase around 112 crude oil tankers to be made in India

Before the United States placed oil sanctions on Venezuela in 2019, Reliance was the second-largest private buyer of Venezuelan crude oil, trailing only China's China National Petroleum Corporation.

The United States has not asked India to cut Russian oil imports, an American treasury official said on Thursday.

While India's purchase of crude oil comes is far from hurting any economy and instead has stabilised the global economy in a volatile geopolitical environment, the United State's historical funding to Pakistan has come at a huge cost to India, its neighbourhood and human rights at large.

The US has responded calling the act as unlawful. Pentagon said that Iranian forces unlawfully boarded the St Nikolas and forced it to change course towards the Iranian territorial waters