Economy, Banking and Finance · 16 October 2026

Petroleum Minister Hardeep Singh Puri announces expansion of India's crude oil supply sources from 27 to 41 countries

Exam-focused facts from the 16 October 2026 current affairs briefing.

Key facts

  • Union Minister for Petroleum and Natural Gas Hardeep Singh Puri announced that India has diversified its crude oil supply sources from 27 countries to 41.
  • India imports over 5 million barrels of oil per day and exports around 1 million barrels, supported by expanding refining capacity.
  • Puri cited disruptions around the Strait of Hormuz and emerging tensions in the Red Sea as reasons for diversifying energy supplies, with the government monitoring the situation to ensure uninterrupted supplies.
  • Under the Samudra Manthan scheme, the government plans to provide resources for drilling 150 wells to strengthen domestic oil and gas output over the next three years.