New Delhi: Amid the West Asia conflict, which has disrupted crude and gas supplies, India is turning towards the United States (US) to buy Liquified Petroleum Gas (LPG), S&P Global Energy said.
S&P Global Energy analysts said global LPG market is under huge pressure due to cargo scarcity. The US-Iran conflict, has resulted in choking of crude and gas supplies via the Strait of Hormuz, from the region that represents nearly 30 per cent of worldwide LPG availability.
An expert at S&P Global Energy CERA said that India is looking to purchase increasingly LPG from the United States as geopolitical tensions reshape global trade flows. The analyst said that if the West Asia conflict gets dragged on for long, there is a big possibility that New Delhi could for big purchase of American LPG.
Before the start of US-Iran war, India imported about 60% of its total LPG consumption. India’s domestic production supplies around 41 per cent of the LPG demand.