India looking at alternative markets to buy gas; Australia, Canada offered to sell amid W Asia conflict: Govt sources

New Delhi [India], March 5 (ANI): Australia and Canada have offered to sell gas to India as the country looks for other alternative energy sources amid the escalating West Asia conflict, government sources said on Thursday. The government is scouting for alternative markets to buy gas, as India currently imports 195 million metric standard cubic metres per day (mmscmd) of gas, of which Qatar supplies 60 million mmscmd.
India is in talks with major oil producers and traders to buy crude and LPG. Sources said the government is in discussions with the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC). India is also in talks with the US to get insurance for ships.
The country recently signed a new contract with the UAE and the US to diversify its energy basket.
According to sources, India is reviewing the energy situation twice a day and is in a very comfortable position regarding its energy security. India's current position of stock is also seen to be comfortable, with stock being replenished every day.
As per the sources, there is no shortage of LPG or LNG as well as crude oil, in the world. The sources noted that India is in touch with other suppliers as well.
Amid turmoil in West Asia, government sources on Tuesday said that India has a total of eight weeks of crude oil and petroleum products inventory, that includes strategic reserves, and only about 40 per cent of India's crude oil imports transit through the Strait of Hormuz, significantly limiting exposure to regional disruptions.
They asserted that the country remains in a comfortable position on energy security amid the evolving situation in the West Asian region.
Sources said India is closely monitoring developments in the region but is well-prepared to manage any potential supply-side challenges due to adequate inventory levels and diversified sourcing.
According to sources, India currently has around 25 days of crude oil inventory. Additionally, the country maintains about 25 days of petrol and diesel inventory.
Overall, India has a total inventory cover of nearly eight weeks of crude oil and petroleum products, ensuring energy security in the event of short-term disruptions.
Only 40 per cent of India's crude moves through the Strait of Hormuz, and 60 per cent of the rest of the crude comes from other sources
India continues to import Russian crude as per previous contracts.
The sources further stated that India is in a comfortable position with respect to LPG and LNG supplies.
The government, according to sources, is keeping a close watch on the global energy market to ensure uninterrupted supplies for the country. (ANI)