State Petroleum and Natural Gas minister Suresh Gopi on Monday said that India’s strategic oil reserves are designed to provide cover for about 9.5 days of supplies during disruptions or price shocks.The announcement comes as global crude oil prices continue to rise amid the ongoing conflict in the Middle East, raising concerns over supply disruptions for import-dependent countries like India.In a written reply to the Rajya Sabha, the minister said that India’s strategic petroleum reserves are currently filled to about two-thirds of their total capacity. He stated that the Indian Strategic Petroleum Reserve Ltd (ISPRL) holds around 3.372 million tonnes of crude oil, which is about 64 per cent of the total 5.33 million tonnes storage capacity, news agency PTI reported.“The actual reserve is a dynamic number depending on the stocks and actual consumption, both of which are not static,” he said.India, is the world’s third-largest energy consumer. It relies on imports for nearly 88 per cent of its crude oil needs.The country has built underground storage facilities at Visakhapatnam in Andhra Pradesh and Mangaluru and Padur in Karnataka to act as a buffer against short-term supply shocks.Gopi highlighted that the quantity of crude stored in these caverns is not fixed and varies depending on market conditions. He added that the actual reserve is a dynamic figure influenced by both stock levels and consumption patterns.The issue has gained significance in the backdrop of the Middle East crisis, which has disrupted supplies of crude oil, natural gas and LPG from key Gulf suppliers. A substantial portion of India’s imports from countries such as Saudi Arabia, Iraq and the UAE passes through the strategically vital Strait of Hormuz.The minister also highlighted that India has diversified its crude sourcing to 41 countries, including newer suppliers like the United States, Nigeria, Angola, Canada, Brazil and Mexico, in a bid to reduce dependence on any single region.He further informed that the government has approved the development of additional commercial-cum-strategic reserves with a capacity of 6.5 million tonnes at Chandikhol in Odisha and Padur in Karnataka, with construction work at Padur already underway.Overall, India’s total storage capacity for crude oil and petroleum products currently provides for about 74 days of consumption, including reserves held by oil marketing companies, the minister said.
