The increasing military tension in the Middle East has once again put the whole world on the brink of energy crisis. There was an atmosphere of fear among Indian consumers amid reports of Qatar declaring force majeure and interruption in gas supply. But, Indian government sources have made it clear that the country’s energy security is completely strong and there is no need to panic. Sources have clarified that we have sufficient stock and work has started on Plan-B to keep the supply chain safe.
For the last few days, rumors were floating on social media that limited sale of petrol and diesel could be done in the country. Government sources have rejected these reports outright and said that there are no plans for limited sales. India has sufficient stock of petrol, diesel and LPG available to meet its needs. Not only this, this stock is also being refilled every day so that there is no shortage in future.
Qatar’s option ready: support of America and Australia
Qatar meets 20% of the world’s LNG needs and India sources only 60 MMSCMD of its total 195 MMSCMD gas imports from Qatar. After Qatar’s withdrawal, India has rapidly started looking for alternative markets. According to government sources, Australia and Canada have proposed to sell gas to India. Apart from this, India has recently signed new agreements with the United Arab Emirates (UAE) and the United States (US), thereby averting the threat of gas shortage.
Government’s strategy for safe supply
In view of the increasing threats of war, the Government of India is reviewing the energy situation twice a day. The government has taken the following steps to ensure supply:
- Gas to Priority Sector: GAIL will ensure uninterrupted gas supply to priority sectors (like fertilizer and power) by declaring force majeure.
- Shipping and Insurance: India is in constant touch with the US for insurance of ships amid increasing danger at sea.
- Global Partnership: India is currently in talks with major oil producers, the International Energy Agency (IEA) and OPEC to ensure continuity of crude oil and LPG.
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