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US-Iran War: India Has Over 50 Days Of Crude Oil Stocks, In ‘Comfortable Position’: Report
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The Indian government has over 50 days of crude oil stocks and is in a ‘comfortable position’. They remain cautiously optimistic about diversification.
Crude Oil
US-Iran War: The Indian government has confirmed that the country has over 50 days of crude oil stocks and is in a ‘comfortable position’, according to a Moneycontrol report.
The MC report added that the government continues to be cautiously optimistic that it is capable of taking domestic steps and diversifying as the need arises.
The government’s comment plays down any concern arising over India’s energy security in crude oil amid the rising tension in the Middle East and complete closure of the Strait of Hormuz.
Global crude shipments moving through the Strait of Hormuz have nearly ground to a halt, disrupting close to 86% of the usual east–west oil traffic and rattling energy markets worldwide.
According to maritime intelligence firms Windward and Kpler, the strategic chokepoint remains technically open, but vessel movement has slowed to a fraction of normal levels. On March 1, just three oil tankers transporting a combined 2.8 million barrels transited the strait — a steep 86% drop compared to the 2026 daily average of 19.8 million barrels.
By early March 2, activity had thinned further, with only one small tanker and a single cargo vessel recorded moving through the primary shipping lanes, underscoring the scale of the disruption.
Brent curde oil futures were also trading over USD 80 per barrel for the past two days, with anticipation to rise in three digit soon.
India is highly dependent on other countries for its crude oil requirements, with imports accounting for around 88–90 per cent of total demand. In 2024, India surpassed China as the world’s largest oil demand driver, driven by rising fuel consumption, particularly in transportation.
So, what happens if there is a large-scale disruption in crude oil supply? Is India prepared to handle such a situation, and for how long?
India has a dedicated special purpose vehicle called Indian Strategic Petroleum Reserves Limited (ISPRL), which is responsible for maintaining petroleum reserves for such emergencies.
The Government of India decided to establish 5 million metric tonnes (MMT) of strategic crude oil storage across three locations.
ISPRL functions under the Ministry of Petroleum and Natural Gas, and the project was executed by Engineers India Limited (EIL). The strategic reserves are situated in Visakhapatnam, Mangalore, and Padur (near Udupi).
These crude oil storages are built in underground rock caverns along both the eastern and western coasts of India. Crude oil from these caverns can be supplied to Indian refineries through pipelines or a combination of pipelines and coastal transport.
Underground rock caverns are considered one of the safest methods for storing hydrocarbons.
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March 03, 2026, 16:14 IST
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Tesco Pet Insurance, who provided the cover, says “the cost of claims is one of a number of factors that can affect the price of a policy at renewal” and also noted Tilly’s age had been reflected in the quote. It says the couple had a more comprehensive policy, which typically costs more than basic levels of cover, and that alternative options were presented to Fawcett and Neild.
The UK must not “cut ourselves off” from trade opportunities in China despite security and business risks, the head of the Confederation for British Industry has warned.
CBI chief Rain Newton-Smith highlighted that British businesses see increased trade with Chinese firms as an opportunity to drive growth.
Her remarks came as business leaders were questioned by MPs on Parliament’s Business and Trade Select Committee regarding the UK’s economic relationship with China.
Last December, Prime Minister Sir Keir Starmer admitted China poses security threats to the UK but urged for greater business ties.
Ms Newton-Smith, chief executive of one of the UK’s largest business groups, was positive about the Government’s engagement with China.
“You can’t have a growth strategy without a strategy for China,” she said.
“China has the biggest contribution to global growth, is the third largest trading partner, and the world’s largest consumer market.
“The UK is second largest exporter of trade and services.
“We are mindful as all businesses are of security risks but it is really important that we have a strategy towards China.
“This Government has increased the economic engagement with China and including business within this does help us as a country.”
She added: “If we think about the future economy, there is a huge market in China and I think we mustn’t cut ourselves off from some of the opportunities there, even if in some areas there are difficult conversations and negotiations that need to be had.”
Peter Burnett, chief executive of the China-Britain Business Council, told the committee: “There are risks associated with technology advancement, AI, industrial development that they need to assess.
“Increasingly you will find them saying that they need to engage more in China to understand those risks and to develop some of the technologies along some of those risks themselves.”
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