India Assures Oil Stability as West Asia Tensions Rattle Global Markets

(Capital Information)

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As escalating tensions in West Asia send shock-waves through global energy markets, the Union government on Tuesday sought to calm concerns, asserting that India’s energy security remains “robust and well-buffered” against short-term disruptions.

In a statement, the Ministry of Petroleum and Natural Gas said India has sufficient crude and refined product reserves to withstand supply shocks, even as oil prices spike and shipping routes face disruption following Iran's reported strikes impacting key transit corridors.

Strategic Reserves Offer Cushion

India currently maintains strategic petroleum reserves (SPR) with a total capacity of 5.33 million metric tonnes (MMT), managed by Indian Strategic Petroleum Reserves Limited. The reserves are stored across three underground facilities - Visakhapatnam (1.33 MMT), Mangalore (1.5 MMT) and Padur (2.5 MMT).

When combined with commercial inventories held by oil marketing companies, the country’s total stockpile provides roughly 74 days of net import coverage. Officials said this translates into a buffer of approximately six to eight weeks to manage immediate disruptions.