India's Strategic Oil Security Push

India is urged by Oil Minister Hardeep Singh Puri to increase its oil and fuel storage capacities as a precaution against market fluctuations. Current reserves cover approximately 76 to 80 days of consumption, but expansion in storage is deemed necessary for better security.

India’s Oil Minister, Hardeep Singh Puri, emphasized the necessity of bolstering the nation’s oil and fuel storage capacity during times of low oil prices. His comments came on Thursday as a strategic move to safeguard against future market volatility.

Puri highlighted that the current crude stock, spanning ports, terminals, refineries, and strategic petroleum reserves, can last between 76 to 80 days. He stressed that this duration is inadequate for the country’s security needs.

Reflecting on past crises, particularly in the Gulf region, Puri noted that the experience has taught India the importance of enhancing its storage capacity to prevent potential disruptions and price shocks in energy supply.