He gave the public and private players in the maritime sector the goal of placing India among the top ten shipbuilding nations by 2030 and among the top five nations by 2047.
"We are continuously monitoring the evolving situation, and all necessary steps will be taken in order to ensure availability and affordability of major petroleum products in the country," the Ministry of Petroleum and Natural Gas said in a post on X.
Crude oil prices could surge to as high as USD 95 to USD 110 per barrel if Iran's oil supply and the Strait of Hormuz face disruption amid ongoing tensions, according to a report by Equirus Securities.
Cuban President Miguel Diaz-Canel Bermudez on Saturday (local time) strongly condemned the United States' latest move to impose tariffs on countries supplying oil to the island, warning that the measures aim to "strangle" Cuba's economy.
In its Oil Markets Weekly, JPMorgan said a regime change in Venezuela would represent one of the largest upside risks to global oil supply in 2026 and beyond, an outcome that oil markets are not currently pricing in.
The resurgence of geopolitical tensions between the United States and Venezuela is unlikely to pose any significant risk to India's oil security or trade position, according to a research note by Bank of Baroda.
Taneja also noted that recent developments may not have an immediate impact on oil prices and could create opportunities for Indian oil companies if sanctions are lifted.
Russian Charge d'Affaires Roman Babushkin on Wednesday sharply criticised the US' imposition of 'sanctions' on India, asserting that such actions reflect a lack of trust and disrespect for national sovereignty, while noting that if Washington considered New Delhi its friend, then it would
Brent crude oil prices are expected to rise to USD 80 per barrel in the coming months as tensions between the United States and Russia threaten to disrupt the global oil supply chain, highlighted oil market experts in conversation with ANI.
Crude oil prices are now expected to remain around USD 65 per barrel after US President Donald Trump announced a ceasefire between Iran and Israel, bringing relief to global markets.
Amid rising tensions in the Middle East due to continued military action by Israel and Iran, experts have said that any closure of the Strait of Hormuz will hit global oil trade.
Amid the ongoing conflict in the Middle East and rising crude oil prices, energy experts have said that oil supply through the Strait of Hormuz is unlikely to be immediately affected, though risks remain if tensions escalate further.