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India's Strategic Oil Reserves at 64% Capacity, 3.37 Million Tonnes Stocked

India currently holds approximately 3.372 million metric tonnes of crude oil in its strategic petroleum reserves, representing 64% of the total storage capacity. The reserves, managed by ISPRL, are located at three coastal sites and act as a buffer against supply shocks. The government has approved two additional commercial-cum-strategic facilities with 6.5 MMT capacity in Odisha and Karnataka. To ensure supply security, Indian oil PSUs now import crude from 41 diverse countries, with 70% of imports sourced from outside the traditional Gulf region.

Key Points: India's Strategic Oil Reserves: 3.37 Million Tonnes Stocked

  • 3.37 MMT crude in strategic reserves
  • Reserves at 64% of total capacity
  • Imports diversified across 41 countries
  • 70% of oil imports now from outside Gulf
  • New reserves approved in Odisha and Karnataka
2 min read

India has over 3.37 million metric tonnes of oil stocked in strategic reserves: Minister

India has 3.37 million tonnes of crude in strategic reserves, 64% of capacity, with imports diversified across 41 countries for energy security.

"Currently, ISPRL has around 3.372 MMT of crude stock available which is around 64 per cent of the total storage capacity - Minister Suresh Gopi"

New Delhi, March 23

The quantity of crude oil currently stocked as part of India's strategic reserves is around 3.372 million metric tonnes, which is 64 per cent of the total storage capacity of these reserves, the Parliament was informed on Monday.

The government, through a Special Purpose Vehicle called the Indian Strategic Petroleum Reserve Limited (ISPRL), has established Strategic Petroleum Reserves (SPR) facilities with total capacity of 5.33 million metric tonnes (MMT) of crude oil at three locations in Andhra Pradesh and Karnataka which can act as buffer for short-term supply shocks, Minister of State for Petroleum and Natural Gas Suresh Gopi said in a written reply to a question in the Rajya Sabha.

The exact quantity of crude oil available in these caverns along the coast varies depending on market conditions. The actual reserve is a dynamic number depending on the stocks and actual consumption, both of which are not static. Currently, ISPRL has around 3.372 MMT of crude stock available which is around 64 per cent of the total storage capacity, the minister said.

In July 2021, the government had also approved the establishment of two additional commercial-cum strategic petroleum reserve facilities with a total storage capacity of 6.5 MMT in Odisha and Karnataka, he added.

The minister further stated that to ensure security of crude supplies and to mitigate the risk of dependence on crude oil from a single region, oil and gas public sector enterprises (PSEs), which are board-run entities, source crude oil from diverse sources depending on their technical and commercial considerations. Currently, these PSEs import crude oil from 41 countries, including new suppliers like the USA, Nigeria, Angola, Canada, Colombia, Brazil, and Mexico, in addition to traditional suppliers in the Middle East such as Iraq, Saudi Arabia, UAE, Kuwait, and Qatar.

India has diversified its oil and gas imports from sources other than the Middle East following the blocking of the Strait of Hormuz through which 20 per cent of the world's oil and gas exports transit. As much as 70 per cent of the country's oil imports are now coming from countries outside the Gulf.

- IANS

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Reader Comments

S
Shreya B
Good to know we have a buffer, but 64% full means we still have capacity. With global tensions, shouldn't we aim to fill it up more? It's like having an emergency fund but only keeping 64% in it.
A
Arjun K
The strategic reserves in Andhra and Karnataka are a smart move, using underground caverns. Building more in Odisha is also wise. This planning will help stabilize prices for the common man during any supply shock.
P
Priya S
Impressive that we're sourcing from 41 countries now! From USA to Brazil. This reduces risk so much. Hope this long-term thinking continues for other critical resources as well.
D
David E
As someone working in the energy sector, I appreciate the transparency in these numbers. The dynamic nature of the reserves makes sense – it's not just a static stockpile but part of an active supply strategy.
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Vikram M
All this is good, but the real focus should be on reducing dependence on oil itself. Electric vehicles, solar power – that's the future. Strategic reserves are a necessary band-aid, not a cure.

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