India’s strategic crude reserves at 64% capacity, below 9.5-day cover target.
Stockpiles total 3.37 MMT vs capacity of 5.33 MMT across three sites.
India ramps up Russian crude purchases amid West Asia disruptions.
Diversification efforts continue, but energy security concerns remain elevated.
India Doubles Russian Crude Purchases as Oil Reserves Fall Below 9 Days Capacity
India is currently holding approximately 3.372 million metric tonnes of crude oil in its Strategic Petroleum Reserve — roughly 64% of the total storage capacity of 5.33 million metric tonnes
FreePik
Summary
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India's emergency crude oil stockpiles were built to provide 9.5 days of cover in the event of a supply disruption. However, at current stock levels, the actual buffer is considerably thinner than that.
Government data presented in the Rajya Sabha on 23rd March 2026, alongside an RTI response obtained by India Today from the Ministry of Petroleum and Natural Gas, revealed that India is currently holding approximately 3.372 million metric tonnes of crude oil in its Strategic Petroleum Reserve — roughly 64% of the total storage capacity of 5.33 million metric tonnes.
This indicates that the country’s effective oil cover is well below 9.5 days at the moment.
India Today reported that currently, India’s SPR capacity is spread across three locations: Visakhapatnam (1.33 million metric tonnes), Mangaluru (1.5 million metric tonnes), and Padur (2.5 million metric tonnes).
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Russian Pivot
The shortfall in reserves comes as global supply chains face strain due to the ongoing West Asia conflict. In response, India has stepped up purchases of discounted Russian crude.
According to Bloomberg, Indian refiners have secured about 60 million barrels of Russian oil for delivery next month, at premiums ranging between $5 and $15 per barrel over Brent. While this volume is similar to March levels, it is double the purchases recorded in February.
The US has given a 30-day waiver as a "deliberate short-term measure" to allow oil to keep flowing in the global market. The buying spree followed after that.
Meanwhile, Iranian Foreign Minister Abbas Araghchi claimed that White House is "begging" India to buy Russian crude after spending months on bullying India into ending oil imports from Russia.
At least seven tankers carrying Russian crude have switched their destinations mid-voyage from China to India till last week, with all of India's major refiners now actively purchasing urals.
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Prime Minister Narendra Modi, speaking in Parliament, said India had diversified its energy imports across multiple sources and was working to reduce dependence on any single region. He also stressed the importance of keeping key transit routes open.
According to Kpler, India's purchases of Venezuelan crude for April arrival are projected at 8 million barrels, the highest since October 2020