India Pushes for 90-Day Crude Oil Reserve Amid Global Supply Shocks
The Indian government has been urged by a parliamentary standing committee to maintain at least 90 days of crude oil storage in the country, citing geopolitical disruptions and supply shocks as threats to energy security.
The Standing Committee on Petroleum and Natural Gas highlighted delays in expanding India's strategic petroleum reserves (SPR) and repeated cuts in budget allocations for the programme.
India currently has capacity to hold 5.33 million metric tonnes of crude oil at three strategic storage facilities, which can meet around nine days of the country's crude oil requirement.
The committee pointed out that the government had approved a second phase of SPR projects in July 2021, but budget allocations for the programme have repeatedly been scaled down at the Revised-Estimate stage.