India’s Strategic Petroleum Reserve Ensures 74-Day Supply Amid Global Turbulence, Says Oil Minister Hardeep Singh Puri

India’s strategic petroleum reserve is capable of sustaining the nation for 74 days amid any potential global disruptions, as stated by Oil Minister Hardeep Singh Puri during a recent session in the Rajya Sabha. In response to inquiries during the Question Hour, Minister Puri emphasized the importance of maintaining a robust and secure reserve for a rapidly growing economy like India, which is imperative to avoid vulnerability during international crises. He highlighted that India boasts multiple refineries located on both the West and East coasts, enhancing its capacity to address domestic oil demands. Citing data from the International Energy Agency (IEA), Puri noted that India ranks as the world’s third largest consumer of crude oil and holds the fourth largest refining capacity, currently at approximately 260 million metric tonnes per annum, with plans to expand this capacity to 320 million metric tonnes per annum. Furthermore, he pointed out that India is also recognized as the fifth largest exporter of petroleum products globally. The strategic petroleum reserve is specifically designed to ensure that India has sufficient stock to navigate through any total global turbulence, thereby safeguarding the nation’s energy security and enhancing its resilience in the face of international market volatility. As India continues to grow economically, maintaining a strategic petroleum reserve becomes increasingly crucial, ensuring that the country can manage its energy needs effectively and sustain its position in the global energy landscape. With the current geopolitical uncertainties, having a well-stocked reserve is not just a precaution but a strategic necessity for India’s energy independence and economic stability.