We have 74-day reserves of oil, says minister
image for illustrative purpose
New Delhi: India currently has a total capacity for storage of crude oil and petroleum products for 74 days, which can help to tide over disruptions in case of adverse situations such as geopolitical conflicts, the Parliament was informed on Monday.
“The government has established Strategic Petroleum Reserves facilities with a total capacity of 5.33 million metric tonnes (MMT), which can act as a buffer for short-term supply shocks such as geopolitical conflicts. This is meant to provide for about 9.5 days of crude oil requirement. In addition, Oil Marketing Companies (OMCs) in the country have storage facilities for crude oil and petroleum products for 64.5 days. Hence, the current total national capacity for storage of crude oil and petroleum products is 74 days,” Minister of State for Petroleum and Natural Gas Suresh Gopi told the Rajya Sabha in a written reply.
