Oil tanker crisis: Will India's petrol prices skyrocket with over 700 tankers stranded at sea?
New Delhi (The Uttam Hindu): The most horrific impact of the fierce war that broke out between Iran and America is now visible on the oil supply of the entire world. The movement of oil tankers on the Strait of Hormuz, the most important route for oil coming from the Gulf countries, has registered a huge decline of more than 80 percent in the month of March. A long and dangerous jam of hundreds of tankers has formed on this sea route. The situation has become so tense that Iran's Revolutionary Guards has announced the complete closure of this important sea route and has openly and terrifyingly threatened to set any tanker passing through it on fire.
The world's pace is stuck in the ocean, a massive traffic jam of ships is forming
The latest data released by Windward & Kepler has raised concerns for the global economy. According to the report, on March 1st, only three tankers carrying 2.8 million barrels of oil were able to pass through the Strait of Hormuz. On March 2nd, this number dropped to just one small tanker and one cargo ship. Currently, around 706 non-Iranian oil tankers are stranded on both sides of this narrow sea route. These include 334 crude oil carrying ships, 109 dirty product tankers, and 263 clean product ships, which are unable to move forward.
The Strait of Hormuz is the lifeline of global supplies
According to energy analysis company Rystad Energy, approximately 15 million barrels of crude oil pass through the Strait of Hormuz every day, representing approximately 20 percent of the world's total oil supply. This narrow and strategic passage is considered the world's most important chokepoint. Iran lies to its north, yet it is the only sea route through which oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the United Arab Emirates, and Iran are exported to the rest of the world. Its closure would mean a severe disruption to global supply.
Iran's open warning: We will set fire to anyone who passes by
Iranian media reports have quoted Ebrahim Jabari, advisor to the Commander-in-Chief, as issuing a stern warning to Western nations. He categorically stated that the Strait of Hormuz has been completely closed. He threatened that if any ships attempt to forcibly pass through this passage, Revolutionary Guards personnel and the Iranian Navy will set them on fire in the middle of the sea without hesitation. This aggressive stance by Iran has created an atmosphere of terror in the maritime sphere.
The crisis over petrol and diesel prices deepens in India
The fear of disruption in crude oil supplies from West Asia has increased the heartbeat of Indian businessmen and the general public. Energy sector experts clearly believe that if this war and attacks continue for a long time, then the prices of crude oil as well as petrol and diesel in India may increase drastically. However, India's Petroleum Ministry is keeping a close eye on this serious situation. Petroleum Minister Hardeep Singh Puri held an emergency meeting with senior officials of the Ministry and oil companies and directed them to take all necessary steps to ensure adequate availability and affordable prices of crude oil, LPG and other petroleum products in the country.