New Delhi: Oil cartel OPEC member UAE has assured India of uninterrupted supply of oil and LPG despite disruptions in the Strait of Hormuz, Oil Minister Dharmendra Pradhan said Monday.
India is 83 percent dependent on imports to meet its oil needs and is reliant on nations like the UAE to meet half of its cooking gas (LPG) needs.
Pradhan in Twitter posts said he held telephonic discussions with UAE Minister and Abu Dhabi National Oil Company (ADNOC) Group CEOP Sultan Ahmed Al Jaber over tensions in the Gulf region following attacks on two oil tankers last week.
"Expressed concern at the supply disruptions in the Strait of Hormuz. Dr. Jaber assured me of oil and LPG supplies to India despite the disruptions," he tweeted.
The attacks on oil tankers last week raised concerns over supplies through the Strait of Hormuz that is the conduit for a fifth of the world's oil.
"Spoke to UAE Minister of State and Group CEO @AdnocGroup H.E. Dr. Sultan Ahmed Al Jaber and discussed ways to collaborate and work together to strengthen our hydrocarbon engagement," Pradhan said.
During the telephonic call, he also discussed UAE's lead role in ongoing India's strategic petroleum reserves programme.
The UAE has hired storages in the underground storages India has built as insurance against supply disruptions.
Pradhan said he also spoke to OPEC Secretary-General Mohammed Barkindo on Monday.
"SG Barkindo reaffirmed India as an important partner for OPEC and expressed keen interest to further strengthen the India-OPEC partnership," he said.
Pradhan has been making calls to leaders of oil-rich nations ever since the BJP came back to power and he was reappointed petroleum minister.
"Reviewed current developments in oil markets and ongoing supply disruptions. Expressed concern over significant oil price volatility and resulting challenges to Indian consumers," he said on his discussions with OPEC Secretary General.
India, he said, "will continue to work with OPEC membership on responsible oil pricing, which is the best interests of both producers and consumers."
Also, it was decided to work towards an early convening of the 4th India-OPEC high-level institutional dialogue, he added.