If Iran closes the Strait of Hormuz, Saudi Arabia and Russia may select another route to supply crude oil to India. India imports 18-20 percent of its total crude oil requirement from Saudi Arabia.
If the Hormuz route is blocked, Saudi Arabia can use the Petroline-Yanbu corridor to supply crude oil to India. India currently has crude oil reserves for 90 days.
Use of Infrastructure
The Yes Securities report said that crude oil coming from this corridor may increase some logistical constraints and freight costs, but Saudi Arabia\'s use of diverse export infrastructure will reduce the possibility of a sharp reduction in supply.
Supply delays and increase in freight
India imports more than 35 percent of its crude oil requirement through the Strait of Hormuz, while 42 percent of LNG also comes through this route. If this route is closed, then in the near future there will be a risk of delay in supply and increase in freight.
Supply of crude
In June, India imported 22 lakh barrels of crude oil per day from Russia. This is more than the supply of crude coming from all the countries located in West Asia. Apart from this, India also imports oil from America, South America, and West Africa and the oil coming from these countries does not come through the route of Hormuz.
Most economic loss
Therefore, experts believe that the closure of the route of the Strait of Hormuz will not have much effect on India\'s supply. The report also said that if Iran closes the route of Hormuz, then it will suffer the most economic loss. China is the biggest buyer of its oil.
One lakh tonnes of Basmati rice going to Iran is stuck at Indian ports.
About 1,00,000 tonnes of Basmati rice to be sent to Iran is stuck at Indian ports. Satish Goyal, president of the All India Rice Exporters Association, said Iran accounts for 18-20 percent of total basmati rice exports. Goyal said that the Kandla and Mundra ports in Gujarat are stuck as there are neither ships nor insurance available for Iran-bound goods due to the conflict in West Asia.
Basmati Chawl prices have already fallen by four to five rupees per kg
He said international conflicts are usually not covered under standard shipping insurance policies. He said delays in shipments and uncertainty over payments can cause serious financial stress. He said that the prices of Basmati Chawl in the domestic market have already fallen by four to five rupees per kg.
Meeting with Piyush Goyal on June 30 to discuss the crisis
The association is in touch with the agricultural export promotion body APEDA on this issue. He said a meeting is scheduled with Commerce and Industry Minister Piyush Goyal on June 30 to discuss the crisis. Iran is India\'s second-largest basmati rice market after Saudi Arabia. India exported about 1 million tonnes of aromatic rice to Iran during the financial year 2024-25, which ended in March.
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