India Has Oil Reserves To Last Just 20 Days, Says Govt

From Hindustan Times

by Anupama Airy

Even as India gets ready to commission its first strategic oil storage facility in January, it currently has the lowest cover for crude oil among developing economies including China and Japan, government data showed on Thursday.

Building strategic crude oil reserves is considered a must since these stocks provide an insurance against any oil supply disruptions to economies that are heavily dependent on oil imports such as India.

Most developing nations are maintaining low crude oil inventory compared to developed nations such as the US that is maintaining a cover of 56 days, the report said.

While China has a 26 days cover, Japan has 25 days of crude oil inventory, while India is the lowest at 20 days.

India’s public sector units and joint venture refineries are expected to import around 777 million barrels of crude oil in 2013-14.

“Considering the current inventory levels, the existing crude oil stock will provide a 20-day cover,” a senior government official said.

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