Oil Prices Surge to USD 112 per Barrel, India Faces Supply Risks
This poses a major risk for India, which imports around 47 per cent of its gas requirements from Qatar
New Delhi: Brent crude prices have surged by over 60 per cent since the start of the US-Iran-Israel conflict, rising to around USD 112 per barrel from nearly USD 70 earlier, reflecting major disruptions in global energy supply.
In the past 30 days alone, crude prices have jumped about 56 per cent, underscoring the severity of the ongoing supply shock.
The spike in oil prices comes as tensions in West Asia have disrupted key supply routes, especially through the Strait of Hormuz, a critical global channel for crude trade.
The crisis has also affected global liquefied natural gas (LNG) flows, with attacks on energy infrastructure in Qatar worsening the situation. Iranian strikes have reportedly damaged facilities impacting nearly 17 per cent of Qatar’s LNG export capacity.
This poses a major risk for India, which imports around 47 per cent of its gas requirements from Qatar.
According to a Systematix Research report, India’s crude oil imports saw a sharp decline in early March due to regional disruptions.
The report noted that import volumes fell to just 1.9 million barrels in the week ending March 6, compared to 25 million barrels per week in February and 35 million barrels per week in March 2026.
It attributed the drop largely to reduced supply from the Middle East amid ongoing tensions.
Key suppliers such as Saudi Arabia, Iraq, and the UAE have also recorded significant declines in export volumes.
Saudi Arabia’s exports dropped to 26 million barrels and 12 million barrels in the first and second weeks of March, respectively, compared to weekly averages of 42 million and 33 million barrels in February.
The continued disruption in supply chains, along with damage to critical energy infrastructure, has heightened concerns over energy availability and rising prices, particularly for import-dependent countries like India.
