Our strategic oil reserve can last up to 74 days: Hardeep Singh Puri

NEW DELHI: Union petroleum minister Hardeep Singh Puri said on Monday India's strategic petroleum reserve can last up to 74 days to meet demand caused by any global crisis.

"Together, if you look at the reserves in our caverns and what is held by our refineries and floating platforms at our ports and our products, it comes to 74 days," Puri said, adding International Energy Agency stipulates about 90 days of holding as a strategic petroleum reserve.




Replying to a question in Rajya Sabha, Puri said for a country like India, which is growing at a phenomenal pace, there must be a viable and secure reserve so it is not vulnerable in case of global turbulence. "I feel as the minister safe with something at 74 days. But we can consider raising it going forward," he said.

He informed Parliament that the caverns are in Andhra Pradesh and Karnataka, while hoping to get started in Odisha soon. "Strategic petroleum reserve is a very important component in economic stability and our energy security," he said. India is the world's third largest consumer of crude oil, has the fourth largest refining capacity and is the fifth largest exporter of petroleum products.
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