Russia Offers to Boost Energy Supplies to India Amid Global Volatility

ExpansionAdd as a preferredsource on google The global energy market is witnessing huge volatility due to the West Asia crisis. Global oil and gas prices have skyrocketed as the Strait of Hormuz, an important trade route between the Persian Gulf and the Gulf of Oman, off the Iranian coast, is almost blocked. This route accounts for about 20% of the world's total crude oil and LNG trade. Trending videos / advertisements Remove this because India has been largely dependent on West Asia for its energy needs. The crisis is having a direct impact on India's energy security. In these challenging times, Russia has taken a strategic step and offered to increase crude oil and natural gas supplies to India. Advertisement High-level meetings and emphasis on energy security First Deputy Prime Minister of Russia Denis Manturov met Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman in his visit to New Delhi. He also issued a detailed statement on bilateral cooperation in the field of oil and gas with National Security Advisor S. Jaishankar.