India Oil Reserves

At the Business Standard BFSI Insight Summit 2026, RBI Deputy Governor Poonam Gupta said India's dependence on imported oil remains a challenge, despite the economy's resilience to global shocks

The new US law empowers President Donald Trump to impose tariffs on countries that purchase Russian crude - a list that includes India

There has been little meaningful activity in India's strategic petroleum reserve programme over the past decade

Indian airlines cancelled about 26,000 international flights and faced higher fuel costs and revenue losses due to airspace restrictions triggered by the US-Iran conflict

ONGC has approved a 1.75-million-tonne expansion of India's strategic oil reserves at Mangaluru, as the government moves to strengthen energy security after the Iran war exposed supply risks

The ONGC board gave the green light to add 1.75 million tons of capacity in Mangalore, Karnataka, to national crude reserves, according to a filing

Iran's central bank said oil export payments are not limited to the US dollar, highlighting greater flexibility as negotiations with Washington move forward

The facility would expand India's existing strategic storage capacity of 5.33 MMT by roughly one-third amid geopolitical conflicts and oil supply disruptions

It may remain a conflict not confined to that theater ... you know, you could have problems elsewhere, Hardeep Singh Puri said

Experts said the crisis in West Asia is likely to prompt producers like Saudi Arabia, the UAE and Qatar to participate in building oil reserves in major consuming nations like India

Union minister flags energy security risks amid West Asia tensions; project expected to boost reserves and add over seven days of crude cover

India's strategic oil reserve spending in FY26 is set to reach only 18% of the Budget estimate, even as West Asia tensions disrupt supply and highlight vulnerabilities in the country's energy security

India's strategic oil reserves, designed to provide cover for about 9.5 days of supplies during disruptions or price shocks, are currently sitting at only two-thirds capacity, the Rajya Sabha was informed on Monday. India, the world's third-largest energy consumer and heavily dependent on imports for about 88 per cent of its crude oil needs, has built strategic underground storage facilities with a total capacity of 5.33 million tonnes across three locations -- Visakhapatnam in Andhra Pradesh, and Mangaluru and Padur in Karnataka -- to store crude oil used for producing fuels such as petrol and diesel. "Quantity of the crude available in the caverns varies depending on market conditions," Minister of State for Petroleum and Natural Gas Suresh Gopi said in a written reply in the Upper House. "Currently, ISPRL has around 3.372 million tonnes of crude stock available, which is around 64 per cent of the total storage capacity." Indian Strategic Petroleum Reserve Ltd (ISPRL) is the speci

IEA's record 400-million-barrel reserve release aims to stabilise global oil markets after the Strait of Hormuz closure triggered one of the biggest energy shocks in decades

IEA's release is aimed at preventing a further rise in oil prices and is more than double the ​182 million barrels released in 2022 following Russia's invasion of Ukraine

Brent futures traded up $3.31, or 3.8%, at $91.11 a barrel by 1159 GMT. US West Texas Intermediate (WTI) traded $3.13 higher, also 3.8%, at $86.58 a barrel

Fears of an LPG shortage sparked panic buying at gas agencies in Lakhimpur Kheri, while restaurants in Goa warned of possible closures as commercial cylinder supply slows amid the West Asia conflict

India holds around 25 days of crude and petroleum products and may diversify crude sourcing as the Strait of Hormuz faces disruptions, Oil Minister Puri said

India holds about 100 million barrels of commercial crude oil stocks - in storage tanks, underground strategic reserves and on ships voyaging towards the country - which could cover roughly 40-45 days of its requirement if flows through the Strait of Hormuz are disrupted, according to Kpler. India imports about 88 per cent of the crude oil it needs - the raw material for fuels such as petrol and diesel - with more than 50 per cent supplied by Middle Eastern countries and transiting the narrow Strait of Hormuz, flows from which have been disrupted amid the Iran crisis. If Middle Eastern crude supply were to halt completely for a temporary period, the immediate impact would be logistical and price-driven, with supply risks intensifying if movement through the Strait of Hormuz is disrupted for longer, said Sumit Ritolia, Lead Research Analyst, Refining & Modeling at Kpler. A closure of Strait of Hormuz would at first impact prompt cargo liftings. "However, refiners typically maintain

Both ​China and India, Asia's top energy consumers, source around half of their crude imports from the West Asia, but India has far less oil in storage than its neighbor