India is advised to reconsider its energy security strategy and reduce reliance on traditional supply sources, particularly from the Middle East, in light of increasing geopolitical uncertainties. ONGC Chairman and CEO Arun Kumar Singh emphasized this need during an energy security conclave, highlighting vulnerabilities exposed by recent conflicts in West Asia. Currently, India heavily relies on the Middle East for nearly half of its crude oil imports, about 30% of natural gas, and 85–90% of LPG requirements.
Singh cautioned against assuming easy access to these resources due to geographical proximity, noting that recent disruptions in a key shipping route used by Gulf nations led to supply constraints in various importing countries, including India. The crisis underscored the importance of diversifying energy sources and reducing dependence on a single region. Singh emphasized the necessity of boosting domestic production and exploring new reserves aggressively to mitigate risks associated with high import reliance.
In the face of a potentially fragmented global order, Singh highlighted the need for a paradigm shift in energy security strategies. He stressed the urgency of expanding strategic storage capacities to cushion against supply disruptions and price fluctuations. Singh also pointed out the growing volatility in global energy markets, emphasizing the unpredictability of refining economics and the need for proactive measures to address storage challenges.
