India's Oil Reserves Two-Thirds Full
Analysis based on 9 articles · First reported Mar 23, 2026 · Last updated Mar 23, 2026
The news about India's strategic oil reserves being at two-thirds capacity, coupled with its heavy reliance on imports and the vulnerability of the Strait of Hormuz, could lead to concerns about energy security and potential price volatility in the global oil markets. However, India's efforts to diversify crude oil sources and expand storage capacity, as well as the agreement between United States — Strategic Petroleum Reserve and Abu Dhabi National Oil Company, could mitigate some of these concerns in the long term.
India's strategic oil reserves are currently at two-thirds capacity, holding approximately 3.372 million tonnes of crude oil, which is about 64% of the total storage capacity. This information was provided by Suresh Gopi, Minister of State for Petroleum and Natural Gas, to the Rajya Sabha. India, the world's third-largest energy consumer, depends on imports for about 88% of its crude oil needs. The status of these reserves has gained attention due to recent disruptions in crude oil, natural gas, and LPG supplies from Gulf countries, particularly those transiting the Strait of Hormuz. India spent USD 110 billion on crude oil imports and USD 12.4 billion on natural gas imports in the first 11 months of the current fiscal year. To enhance energy security, India is diversifying its crude oil sources, importing from 41 countries including new suppliers like the United States, Russia, and various African and Latin American nations, in addition to traditional Middle Eastern suppliers like Saudi Arabia, Iraq, United Arab Emirates, Kuwait, and Qatar. The government also approved the establishment of two additional commercial-cum-strategic petroleum reserve facilities with a total capacity of 6.5 million tonnes and the commercialization of Phase-I SPRs, including an agreement with Abu Dhabi National Oil Company.
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