India holds over 3.37 MMT crude oil in strategic reserves: Minister

New Delhi: India currently has about 3.372 million metric tonnes (MMT) of crude oil stored in its strategic petroleum reserves, accounting for nearly 64 per cent of the country’s total storage capacity, Minister of State for Petroleum and Natural Gas Suresh Gopi informed Parliament on Monday.

In a written reply in the Rajya Sabha, the minister said the reserves are managed by Indian Strategic Petroleum Reserve Limited, a special purpose vehicle set up by the government. These reserves have a total capacity of 5.33 MMT and are located at key sites in Andhra Pradesh and Karnataka, serving as a buffer against short-term global supply disruptions.

He noted that the actual volume of crude oil in these underground caverns is not fixed and changes based on market conditions and consumption patterns. At present, the reserves are filled to about two-thirds of their capacity.

The government has also approved the development of two additional strategic-cum-commercial reserve facilities with a combined capacity of 6.5 MMT in Odisha and Karnataka, a move aimed at strengthening the country’s energy security.

To reduce dependence on any single region, India has significantly diversified its crude oil sourcing. Public sector oil companies now import oil from as many as 41 countries, including newer suppliers such as the United States, Nigeria, Angola, Canada, Colombia, Brazil, and Mexico, alongside traditional Middle Eastern partners like Iraq, Saudi Arabia, the UAE, Kuwait, and Qatar.

The diversification effort has gained momentum in light of global supply concerns, particularly disruptions around the Strait of Hormuz — a key transit route for nearly 20 per cent of the world’s oil and gas trade. As a result, about 70 per cent of India’s crude imports now come from countries outside the Gulf region.

With inputs from IANS