All eyes on oil stockpile as war throws a spanner in supply chain

Key Highlights

• India also has around 25 days of cooking gas stock, and liquified natural gas stock of up to 21 days, the people said, even as state-run refiners scout the world for new gas contracts. All this is in addition to the country's strategic petroleum reserves (SPR).
• India’s existing SPR capacity stands at 5.3 million tonnes, enough to meet just 9.5 days of the country’s crude oil needs.
• As of October 2024, the latest date for which data is available, about 3.6 million tonnes were stored in underground SPR caverns. With these stocks, the country is comfortably positioned at the moment, and new sources for energy products from other geographies are being explored, the people said on the condition of anonymity."At present, the government is reasonably comfortable in terms of stocks.
• Safeguarding the interests of Indian consumers remains the highest priority.
• Based on continuous monitoring, the government is cautiously optimistic that phased measures can be taken, if required, to further mitigate the situation," an official statement said on Tuesday.