India's strategic oil reserves 64% full, may last about 5 days: Junior petroleum minister Suresh Gopi

New Delhi: India's strategic petroleum reserves (SPR) are 64% full, junior petroleum minister Suresh Gopi told Parliament on Monday. At current consumption rates, this stock would last about five days.

India has "SPR facilities with a 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," Gopi said. Currently, the reserves hold around 3.37 MMT of crude (24.7 million barrels), he added. India consumes about 5 million barrels of oil per day.

India is the world's third-largest oil consumer and importer, but its reserves are small compared with those of the US and China, the top two consumers. India imports 88% of its crude needs and depends on Gulf countries for about 40% of imports.


The near-closure of the Strait of Hormuz has exposed India's energy vulnerability, with supplies of crude, natural gas and LPG tightening. India depends on the Gulf for 90% of its LPG imports and 60% of its natural gas. Between March 1 and 18, crude imports were down 23% year-on-year, and analysts expect them to remain about a fifth lower for the full month if the strait remains effectively shut. In July 2021, the government had 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, Gopi said. These reserves are yet to be built.