{"id":882,"date":"2026-03-05T06:33:25","date_gmt":"2026-03-05T06:33:25","guid":{"rendered":"https:\/\/materials.simplycurrentaffairs.com\/?p=882"},"modified":"2026-03-10T06:33:32","modified_gmt":"2026-03-10T06:33:32","slug":"strategic-crude-oil-reserves","status":"publish","type":"post","link":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/2026\/03\/05\/strategic-crude-oil-reserves\/","title":{"rendered":"Strategic Crude Oil Reserves"},"content":{"rendered":"\n

Strategic Crude Oil Reserves<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/mark><\/strong><\/h2>\n\n\n\n

About<\/strong><\/strong><\/strong><\/strong><\/mark><\/strong><\/h3>\n\n\n\n
    \n
  • Strategic Petroleum Reserves (SPRs) are\u00a0dedicated storage facilities<\/strong>\u00a0developed to\u00a0hold crude oil for emergency use<\/strong>.\u00a0\u00a0<\/li>\n\n\n\n
  • They act as a\u00a0protective buffer<\/strong>, shielding the energy supply chain from short-term disruptions caused by external factors such as transportation delays, natural events, or fluctuations in global markets.\u00a0<\/li>\n\n\n\n
  • India<\/strong>, the\u00a0world\u2019s third-largest consumer of crude<\/strong>,\u00a0depends on imports for more than 85% of its requirement<\/strong>. SPR could help ensure\u00a0energy security and availability<\/strong>\u00a0during global supply shocks and other emergencies.<\/li>\n<\/ul>\n\n\n\n

    Status in India<\/strong><\/strong><\/strong><\/strong><\/strong><\/mark><\/strong><\/h3>\n\n\n\n
      \n
    • India\u2019s SPR network<\/strong>\u00a0is\u00a0managed<\/strong>\u00a0by the\u00a0Indian Strategic Petroleum Reserves Limited (ISPRL),\u00a0<\/strong>a\u00a0Special Purpose Vehicle\u00a0operating\u00a0under the\u00a0Ministry of Petroleum and Natural Gas.<\/strong>\u00a0<\/li>\n\n\n\n
    • Currently, India maintains SPR facilities at\u00a0underground rock caverns at three places<\/strong>\u00a0–\u00a0Visakhapatnam (Andhra Pradesh), Mangalore (Karnataka)\u00a0and Padur (Karnataka)\u00a0<\/strong>– with a combined capacity to store\u00a05.33 MMT (million metric tons) of crude oil,\u00a0<\/strong>enough to provide\u00a09.5 days of consumption.\u00a0<\/strong>\u00a0\n
        \n
      • With this, the\u00a0total national capacity<\/strong>\u00a0for storage of crude oil and petroleum products is about\u00a074 days,<\/strong>\u00a0which includes\u00a064.5 days\u00a0of storage capacity\u00a0maintained\u00a0by Oil Marketing Companies (OMCs).\u00a0<\/li>\n<\/ul>\n<\/li>\n\n\n\n
      • The\u00a0second phase of development is underway<\/strong>, which includes new storage locations such as\u00a0Chandikhol\u00a0(Odisha)<\/strong>\u00a0and the\u00a0expansion of the Padur facility<\/strong>, on a\u00a0Public Private Partnership mode.<\/strong>\u00a0<\/li>\n<\/ul>\n\n\n\n
        \"\"<\/figure>\n\n\n\n

        International Guideline<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/mark><\/strong><\/h3>\n\n\n\n
          \n
        • The\u00a0International Energy Agency (IEA)<\/strong>\u00a0mandates that its member countries maintain SPRs equivalent to\u00a0at least 90 days<\/strong>\u00a0of their net oil imports to ensure energy security during supply disruptions.<\/li>\n<\/ul>\n\n\n\n
          \n

          International Energy Agency:<\/strong><\/strong><\/strong><\/strong><\/h3>\n\n\n\n
            \n
          • IEA is an\u00a0intergovernmental organization<\/strong>\u00a0established\u00a0in\u00a01974\u00a0<\/strong>within the framework of the\u00a0Organisation\u00a0for Economic Co-operation and Development (OECD),\u00a0<\/strong>in response to the 1973 oil crisis.\u00a0<\/li>\n\n\n\n
          • IEA is dedicated to\u00a0maintaining\u00a0a steady supply of oil throughout the world.<\/strong>\u00a0<\/li>\n\n\n\n
          • The IEA is made up of\u00a032 member countries<\/strong>.<\/li>\n<\/ul>\n\n\n\n
            \"\"<\/figure>\n\n\n\n
              \n
            • Before becoming a member country of the IEA, a candidate country must meet\u00a0several criteria.\u00a0<\/strong>These are:\u00a0\n
                \n
              • It must have\u00a0crude oil or product reserves equivalent to 90 days\u00a0<\/strong>of the previous year\u2019s net imports.\u00a0<\/li>\n\n\n\n
              • It must have in place a\u00a0demand restraint program<\/strong>\u00a0to reduce national oil consumption by up to 10 per cent.\u00a0<\/li>\n\n\n\n
              • Legislation and measures to ensure that all oil companies under its\u00a0jurisdiction\u00a0report information upon request.<\/strong>\u00a0<\/li>\n<\/ul>\n<\/li>\n\n\n\n
              • Currently,\u00a0India<\/strong>\u00a0is an\u00a0Associate Member<\/strong>\u00a0of the agency and is yet to get a full membership.\u00a0\u00a0<\/li>\n\n\n\n
              • IEA is headquartered in\u00a0Paris, France.<\/strong>\u00a0<\/li>\n<\/ul>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

                Strategic Crude Oil Reserves About Status in India International Guideline International Energy Agency:<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-882","post","type-post","status-publish","format-standard","hentry","category-economy"],"_links":{"self":[{"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/posts\/882","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/comments?post=882"}],"version-history":[{"count":1,"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/posts\/882\/revisions"}],"predecessor-version":[{"id":885,"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/posts\/882\/revisions\/885"}],"wp:attachment":[{"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/media?parent=882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/categories?post=882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/materials.simplycurrentaffairs.com\/index.php\/wp-json\/wp\/v2\/tags?post=882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}