India's Strategic Reserves: Buffering Energy Security Amid Global Turbulence

India's strategic petroleum reserves can sustain the country's demand for 74 days amid global crises, according to Oil Minister Hardeep Singh Puri. While the reserves are substantial, India aims to expand to meet the 90-day standard suggested by the International Energy Agency. These reserves ensure economic and energy stability.

India's Oil Minister, Hardeep Singh Puri, announced that the country's strategic petroleum reserves can support demand for 74 days amid potential global disruptions. Addressing the Rajya Sabha, he emphasized the necessity of maintaining robust reserves to safeguard against economic vulnerabilities.

Puri highlighted India's position as the third largest crude oil consumer and the importance of the strategic reserve in ensuring energy security. He noted that, although the reserves cover 74 days, the International Energy Agency recommends a 90-day reserve. India's reserves, including those in refineries and floating platforms, currently fall short of this benchmark.

Managed by the Indian Strategic Petroleum Reserve Limited (ISPRL), India's reserve facilities hold 5.33 million metric tonnes of crude oil. Although the reserves reached full capacity at low cost in 2020, the government aims to increase the reserves for enhanced economic stability.

(With inputs from agencies.)