New Delhi, Australia and Canada have offered to sell gas to India as the country looks for other alternative energy sources amid the escalating West Asia conflict. The government is scouting for alternative markets to buy gas, as India currently imports 195 million metric standard cubic metres per day (mmscmd) of gas, of which Qatar supplies 60 million mmscmd.

India is in talks with major oil producers and traders to buy crude and LPG. Sources said the government is in discussions with the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC). India is also in talks with the US to get insurance for ships.

The country recently signed a new contract with the UAE and the US to diversify its energy basket.

According to sources, India is reviewing the energy situation twice a day and is in a very comfortable position regarding its energy security. India's current position of stock is also seen to be comfortable, with stock being replenished every day.

As per the sources, there is no shortage of LPG or LNG as well as crude oil, in the world. The sources noted that India is in touch with other suppliers as well.

Amid turmoil in West Asia, government sources on Tuesday said that India has a total of eight weeks of crude oil and petroleum products inventory, that includes strategic reserves, and only about 40 per cent of India's crude oil imports transit through the Strait of Hormuz, significantly limiting exposure to regional disruptions.