"More than 80 percent of India's gas and up to 60 percent of its oil pass through the Strait of Hormuz, which connects the Gulf to the Gulf of Oman and the Arabian Sea and is currently at the centre of retaliatory tactics Iran is deploying against the US and Israel. By threatening all shipping coming through, Iran has effectively closed the strait leaving Gulf oil producers with no sea route by which to deliver oil and LNG."
"The Strait of Hormuz, through which some 20 to 30 percent of global crude and liquefied natural gas (LNG) pass, has effectively been closed because of the conflict, sending crude prices soaring and disrupting oil and gas supplies. From Southeast Asia to Pakistan, the ripple effects of the war are being felt across Asia and beyond."
"India, the world's fourth-largest economy, depends on the Gulf for its energy needs and also for remittances sent by a vast workforce resident in the Middle East. Hotels and restaurants in India are already weighing closure and people are queueing to stock up on LPG (cooking gas) cylinders amid fears of a shortage."
The ongoing US-Israel war against Iran has triggered a global energy crisis by effectively closing the Strait of Hormuz, through which 20-30% of global crude oil and liquefied natural gas pass. Iran's retaliatory threats have caused shipping insurers to cancel war risk coverage for tankers, halting oil and gas deliveries from Gulf producers. India faces particular vulnerability as the world's fourth-largest economy, depending on the Gulf for over 80% of its gas and up to 60% of its oil supplies. Additionally, nine million Indian expatriates working in the Middle East face uncertainty regarding remittances. The crisis has triggered panic buying of cooking gas cylinders in India, prompting the government to invoke emergency measures and assure citizens of one month's supply reserves.
Read at www.aljazeera.com
Unable to calculate read time
Collection
[
|
...
]