New Delhi [India], March 3 (ANI): Amid escalating tensions in West Asia, the International Monetary Fund (IMF) on Tuesday said that it is 'closely monitoring developments' and it will be too early to assess the economic impact on the region and the global economy.

The IMF also mentioned that it has 'observed disruptions to trade and economic activity, surges in energy prices, and volatility in financial markets.'

'The situation remains highly fluid and adds to an already uncertain global economic environment,' it said in a statement.

'It is too early to assess the economic impact on the region and the global economy. That impact will depend on the extent and duration of the conflict,' it said.

India is also continuously monitoring the growing crisis in the region, and earlier today, Hardeep Singh Puri, Minister of Petroleum & Natural Gas, briefed the media and said that 'India is fully prepared amid evolving situation in the Middle East and energy supplies are robust'

The Minister informed that 'the country is well stocked with crude oil and inventories of key petroleum products including petrol, diesel and ATF to deal with short-term disruptions arising from the Middle East.'

Indian energy companies now have access to energy supplies that are not routed through the Strait of Hormuz. Such cargoes will remain available and help mitigate supplies that may be temporarily affected enroute through the Strait of Hormuz.

The Petroleum Ministry has also established a 24x7 Control Room to continuously monitor the supply and stock position of petroleum products across the country.

The Minister, via a press briefing, also notified that the Government is reasonably comfortable in terms of stocks. Safeguarding the interests of Indian consumers remains the highest priority. Based on continuous monitoring, the Government is cautiously optimistic that phased measures can be taken, if required, to further mitigate the situation.

Earlier today, government sources on Tuesday said that India has a total of eight weeks of crude oil and petroleum products inventory, which 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.

They asserted that the country remains in a comfortable position on energy security amid the evolving situation in the West Asian region.

Sources said India is closely monitoring developments in the region but is well-prepared to manage any potential supply-side challenges due to adequate inventory levels and diversified sourcing. (ANI)