India Strengthening Energy Security During Global Oil Disruptions, Says PM Modi

Prime Minister Narendra Modi on Thursday said the government is making every effort to protect India’s energy supplies. He noted that global disruptions in oil and gas markets caused by the conflict involving Iran have created challenges.

While addressing a media event in New Delhi, the Prime Minister said the government has followed a comprehensive strategy to strengthen India’s self-reliance in the energy sector. He added that these policies have resulted in substantial savings for the country.

“Before 2014, India had negligible storage capacity for strategic petroleum reserves. Now, we have significant reserves,” PM Modi stated.

The Prime Minister further noted that the country now has strategic petroleum reserves with a combined capacity of 5.33 million metric tonnes. These reserves can serve as a cushion during temporary supply disruptions caused by geopolitical tensions.

The reserves can meet nearly 9.5 days of the nation’s crude oil demand.

Apart from strategic reserves, Oil Marketing Companies (OMCs) maintain additional storage for crude oil and refined petroleum products.

These facilities can supply the country for approximately 64.5 days. When combined with strategic reserves, India currently has a total storage capacity of around 74 days.

The Prime Minister said the government remains committed to ensuring that citizens do not experience difficulties due to conflicts in other parts of the world.

Meanwhile, the Ministry of Petroleum and Natural Gas stated that authorities are working to ensure uninterrupted energy supplies across the country.

The ministry reported that about 50 lakh LPG cylinders are being delivered daily. It also advised consumers to avoid panic booking of cooking gas.

Officials noted that the ongoing war has led to the closure of the Strait of Hormuz for commercial shipping for the first time in recorded history.

Despite this situation, India continues to procure crude oil from more than 40 countries.

Around 70 per cent of the country’s crude imports now come through routes that bypass the Strait of Hormuz.

India’s daily oil consumption stands at roughly 5.5 million barrels. The country is also the fourth-largest refining hub globally, operating 22 refineries.

Several refineries are currently functioning at high capacity levels and in some cases exceeding full utilisation. This strong refining network helps ensure sufficient petroleum product availability during the current crisis.

Officials added that over one lakh retail outlets across the country maintain adequate stocks of petroleum products.

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