New Delhi: Union Petroleum Minister Hardeep Singh Puri India’s strategic oil reserves can last up to 74 days to meet demand arising from any global crisis, it said on Monday. “If you look at the reserves in our caves and the reserves held in our refineries and floating platforms at our ports and our products, it has a reserve period of 74 days,” Puri said, adding that the International Energy Agency mandates holdings as strategic petroleum reserves for about 90 days. Replying to a question raised in the Indian House, Puri said that for a country like India, which is growing at an alarming rate, it is necessary to have a viable and safe reserve so that it does not get affected in case of global turmoil. “I feel as minister that things are safe beyond 74 days. But we could look at continuing to raise it,” he said. He told the Assembly that the caves were located in Andhra Pradesh and Karnataka, while it was hoped to start in Odisha soon. “Strategic petroleum reserves are an important component of economic stability and energy security,” he said. India is the world’s third-largest crude oil consumer, has the fourth-largest refining capacity and is the fifth-largest exporter of petroleum products.
