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India’s Strategic Petroleum Reserves
India’s strategic petroleum reserves are currently holding 3.37 million tonnes out of a total capacity of 5.33 million tonnes. The status highlights concerns over energy security amid potential supply disruptions.
Strategic Petroleum Reserves (SPRs):
| Dimension | Key Details |
|---|---|
| Definition | Provides government controlled stockpiles of crude oil stored in underground rock caverns |
| Purpose | Buffer against supply disruptions due to geopolitical natural or economic crises |
| Origin | Concept introduced after the 1973 oil crisis |
| Global Usage | Use of reserves during Gulf War 1991 Hurricane Katrina 2005 and oil price surge in 2022 |
| Major Holders | Includes United States China and Japan with large strategic reserves |
| India SPR Capacity | Storage capacity of 5.33 million tonnes |
| Current Storage | Holding of 3.37 million tonnes which is about two thirds of total capacity |
| Locations in India | Comprises Visakhapatnam Mangaluru and Padur |
| Coverage | Provides coverage of about 9.5 days of crude oil requirement at full capacity |
| Planned Expansion | Additional reserves at Chandikhol in Odisha and Padur in Karnataka with total capacity of 6.5 million tonnes |
| Future Plans | Includes proposed reserves at Bikaner and Rajkot adding around 6 million tonnes capacity |
| India Oil Dependence | India is third largest crude oil consumer and depends on imports for over 88 percent of requirement |
| IEA Recommendation | Requirement of maintaining oil stocks equivalent to at least 90 days of net imports |
| India Stock Status | Total oil and fuel storage of about 74 days including commercial stocks |
| Membership Status | India is an associate member of International Energy Agency and not a full member |