Sai Sowmya Dendukuri
Following the joint offensive against Iran, the Gulf region has witnessed heightened geopolitical tensions that disrupted the energy supply chain. Considering Iran’s strategic cushion, provided by its proxy groups, has been weakened, it is employing its last card, blocking the Strait of Hormuz. The Strait of Hormuz, a narrow passage connecting the Persian Gulf and the Indian Ocean, is considered an important sea lane of communication in global trade. Sources such as EIA and Kpler state that 40% of India’s crude oil imports transit through the Strait of Hormuz. The figure underscores its strategic significance in India.
Despite the commendable strides India has made in the renewable energy sector, primary energy consumption remains heavily weighted towards coal and oil. As per the Energy Statistics published by MOSPI, the share of crude oil has hovered between 30% and 33% over the past five years. During this period, the top suppliers of crude oil are Russia, Iraq, Saudi Arabia, the UAE, the US, and Kuwait, highlighting India’s import dependency on the Gulf region.