Iran-Israel war jolts oil market but India’s supply secure: Sonowal
Oil prices may slightly increase India can rely on Russia for the bulk of its crude supply

Guwahati, June 24: Crude prices have increased following the outbreak of the Iran-Israel war and the bombing of three sites in Iran by the USA. To make the matter worse Iran has decided to block the Strait of Hormuz. However, the Union Minister for Ports, Shipping, and Waterways, Sarbananda Sonowal, stated that the crude flow to India would not be stopped. However, he admitted that the price might increase slightly.
The two water bodies that the Strait of Hormuz connects are the Persian Gulf and the Gulf of Oman, which further flows out into the Arabian Sea. Thus, countries around the Persian Gulf like Iran, Saudi Arabia, and UAE, which happen to be major oil producers, depend upon the Strait of Hormuz for access to the open seas.
Talking to The Assam Tribune, Sonowal said that the Eastern Economic Corridor connecting Vladivostok to Chennai is fully operational and with India importing the bulk of the crude from Russia, there should not be any shortage of oil in the country. He said that the Eastern Economic Corridor is fully operational and it takes only around 26 days to bring goods from Russia to India.
Sonowal further pointed out that India also imports crude oil from the United States of America and it should not be affected. He pointed out that crude from the USA can be brought to India via the Pacific, Atlantic and Indian Oceans.
But that route is a little longer and it would take around 45 days to reach India from the USA. India also imports crude from UAE and Saudi Arabia and that can also be arranged by avoiding the Strait of Hormuz. “We can bring crude and other products by road to Dubai port and from there the products can be transported by ship to any port of India. We are lucky that we have the Indian Ocean, Arabian Sea and Bay of Bengal surrounding us and we can use alternative routes. Maybe the cost will be a little more but let me assure you that India’s global trade will not be affected,” he added.
The Minister said that in spite of the challenges global trade is unlikely to take a hit. He said that India would take all possible diplomatic measures to ensure that its trade is not affected. At the same time, all other countries would make such efforts to ensure that the trade goes on without any serious difficulty.