New Delhi: The US-led war in Iraq is unlikely to impact India's oil supplies as state-owned firms have stocked enough supplies of crude oil and petroleum products to meet the country's two months' requirement.

"The country will not face shortage as stocks of crude oil and petroleum products are enough to meet two months' requirement," highly-placed government sources said.

Within an hour of US fighter planes striking Baghdad, Petroleum Secretary B K Chaturvedi reviewed the stock position of crude oil and petroleum production.

"We are on a high alert and are closely monitoring developments on Iraq front," they said while anticipating a short and swift war which would not have any major impact on crude prices.

Global crude oil prices have started to decline and the trend was likely to continue if the war ends fast.

While the country has 12 days' stocks of crude oil and another 11 days requirement in transit, it was highly unlikely that the supply sources worldwide may dry up. "At the most, we anticipate that the Iraqi output may be impacted but other sources would continue to pump oil," they said.

India imports only less than 5 per cent of its crude oil requirement of 78.7 million tonnes from Iraq and alternate arrangements have been made to meet that requirement, sources said while pointing out that state-owned oil companies have placed advance contracts with countries beyond the conflict zone in the Middle East.

Meanwhile, public sector refineries and oil fields have postponed planned maintenance shutdown till end of the war so as to ensure no shortage takes place.

PTI