India Has Oil Reserves for 76 Days, Hardeep Singh Puri Says That's Enough

India is comfortably positioned to withstand energy supply disruption for the next 30-60 days, even if the Strait of Hormuz continues to dysfunction, the Union Petroleum and Natural Gas Minister Hardeep Singh Puri told CNN-News18 in an interview.

Puri said India currently holds 76-80 days' worth of fuel reserves, combining strategic petroleum reserves, refinery inventories and commercial stocks.

The minister said India had significantly reduced its vulnerability to regional disruptions by expanding its energy procurement network to 41 countries, and pointed out the direct support India has from the UAE, which has offered LPG cargoes to the country when Hormuz faced disruption.

Additional gas supplies from Mozambique, he added, would further strengthen the country's energy security position. India also operates 24 refineries and has been expanding its LNG storage capacity and domestic exploration, including in the Andaman basin.

Persistent Concerns Over Energy Supplies

However, Puri also carefully flagged the limits of this buffer. A prolonged conflict, he said, would present a fundamentally different challenge.

"If the crisis goes beyond March 31, that would be global depression," he told the news publication.

Puri's remarks appear when oil prices are experiencing a sharp rise, as tension from West Asia has reignited the concerns over global energy supplies, reversing much of last week's decline driven by hopes of a diplomatic breakthrough between the United States and Iran.

As of Monday, Brent crude futures were up $3.27, or 5%, at $97.76 per barrel, while US West Texas Intermediate (WTI) crude gained $34.77, to trade at $94.82 per barrel.

Deepening the Venezuela Play

India is actively building new long-term partnerships. A Reuters report noted that Puri met Venezuelan acting President Delcy Rodriquez in New Delhi on 4 May to discuss expanding cooperation across the oil and gas value chain.

The efforts demonstrate that even if India manages near-term supply risks, it is actively building long-term partnerships. India was Venezuela's second-largest oil importer in May, purchasing 427,000 barrels per day, according to Reuters.

Rodriguez also had a conversation with Prime Minister Modi, focusing on upstream and downstream energy cooperation, and is scheduled to visit Mumbai to meet industry leaders and tour Indian refining facilities.

Venezuela has also invited an Indian energy delegation to explore investment opportunities in its oil and gas sector, describing India as a preferred partner for long-term supply arrangements rather than spot purchases.

The diplomatic push marks a notable shift, India had paused its crude oil purchases from Venezuela last year after the United States imposed a 25% tariff on countries buying oil from Caracas.