New Delhi. Petroleum Minister Hardeep Singh Puri said on Tuesday that India will be able to deal with any shock to crude oil supplies from a possible expansion of the ongoing conflict in West Asia. After Iran's missile attack on Israel, international crude oil prices have risen from about $ 70 a barrel to close to $ 79 a barrel in less than a week. This has happened due to the possibility of Israel retaliating and escalating the conflict.

Puri said in this context, "There is no need to panic. There is more than enough oil available in the world." India, the world's third-largest oil importer, and consumer, meets 85 percent of its crude oil needs through imports. The Petroleum Minister said at the 'Energy Transition Summit India' conference, “The situation is manageable. There is no need to worry. We are confident that we will be able to deal with the situation like in the past.”

He said that there is a lot of supply of oil in the international market and even if some countries stop production or there are supply related problems, there are new suppliers in the market who will fill this gap. After Iran's missile attack, it is feared that Israel can target the oil or nuclear installations of oil producer Iran. If this happens, Iran can respond by directly attacking Israel or closing the Strait of Hormuz (sea corridor).

The Strait of Hormuz, located between Oman and Iran, is considered very important for oil transportation. One-fifth of the global oil passes through this strait. Crude oil from all major oil-producing countries - Saudi Arabia, Iraq, Kuwait, and the United Arab Emirates (UAE) - is exported through the Strait of Hormuz. Of these, only Saudi Arabia and the UAE have oil pipelines that can cross the Strait of Hormuz.