Hormuz Blockade: Russia Offers More Oil, LNG to India - Can It Prove Shield Against Iran War Volatility

Amid the escalating crisis in West Asia, following the United States and Israeli airstrikes on Iran on February 28 and the Hormuz blockade, the global oil market has become volatile. Reports now surfaced that Russia has come forward and offered to increase the supply of crude oil and natural gas to India. Notably, both sides agreed to further enhance the overall bilateral ties.On Thursday, the energy cooperation figured prominently in meetings between Russia's First Deputy Prime Minister Denis Manturov and National Security Advisor Ajit Doval and External Affairs Minister S. Jaishankar, reported news agency PTI, citing sources. Talks were also held between Manturov and Union Finance Minister Nirmala Sitharaman.The Russian First Deputy PM also called

on Prime Minister Narendra Modi last evening. A Russian readout of the First Deputy Prime Minister's engagements in New Delhi said special attention was accorded to bilateral cooperation in the oil and gas sector. "Denis Manturov confirmed that Russian companies have the capacity to steadily increase supplies of oil and liquefied natural gas to the Indian market," it said.Notably, global oil and gas prices surged significantly after Iran's Islamic Revolutionary Guard Corps virtually blocked the Strait of Hormuz, a narrow shipping lane between the Persian Gulf and the Gulf of Oman, that handles roughly 20 per cent of global oil and LNG (liquefied natural gas). West Asia plays a key role in India's energy procurement.Also Read: No Shortage of LPG : Indian Oil Delivering 28 Lakh Cylinders Daily Manturov noted that Russia increased supplies of fertilisers to India by 40 per cent by the end of 2025 and is ready to continue meeting India's needs, it said.The Ministry of External Affairs (MEA) said both sides held wide-ranging discussions focusing on trade, industry, energy, fertilizers, connectivity, and mobility in addition to new opportunities in technology, innovation, and critical minerals.

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After the Hormuz Blockade, India has diversified its energy supplies, reducing dependency on the Strait of Hormuz. India is currently importing oil and energy resources from 40 nations, including Algeria, Angola, Argentina, Australia, Belgium, Brazil, Israel, South Korea, Kuwait, Libya, Malaysia, Mexico, the Netherlands, Nigeria, Norway, Oman, Panama, Qatar, the United Arab Emirates, Venezuela, and the United States. India's alternate energy routes, other than the Strait of Hormuz, saved it from a serious energy crisis.Last month, Iran's Foreign Minister Abbas Araghchi said Tehran would permit ships from "friendly nations", including China, Russia, India, Iraq and Pakistan, to pass through the Strait of Hormuz. After the conflict, there has been a sharp decline in shipping through the strait.(With Inputs from PTI)