‘76 Days Of Fuel, No Immediate Risk’: Oil minister Hardeep Puri bets on reserves amid global disruption

Can India survive a prolonged global oil crisis? Oil Minister Hardeep Puri says the country has fuel reserves for up to 80 days, diversified supplies and no immediate threat despite Middle East tensions.

New Delhi: Union petroleum and natural gas minister Hardeep Singh Puri on Sunday assured that India has sufficient fuel reserves to handle global oil supply disruptions amid rising tensions in the Middle East.

Speaking in an interview with News18, Puri said India currently has fuel reserves equivalent to 76 to 80 days of consumption and there is “no immediate risk” to the country’s energy security.

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“In the midst of all this crisis, you have no dry out taking place in any part of the country and you are still exporting,” the minister said.

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Puri stated that India has enough strategic petroleum reserves, refinery inventories and commercial stocks to manage supplies even if the Strait of Hormuz remains closed temporarily.

He said his “comfort point” remains maintaining adequate reserves of crude oil, natural gas and LPG for around 60 days. The minister, however, admitted that a prolonged global conflict or a long closure of the Strait of Hormuz could create serious economic challenges worldwide.

Diversifying Oil And Gas Supplies

The minister highlighted that India has already started diversifying its energy imports beyond the Gulf region to reduce dependency on a single source.

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Puri said India has received support from friendly nations like the UAE and is also looking at strengthening energy ties with countries such as Mozambique and Venezuela. He revealed that ADNOC chief Sultan Al Jaber had assured additional LPG cargoes for India during the ongoing crisis.

Oil Prices May Not Stay High For Long

Despite rising crude oil prices globally, Puri said he does not expect prices to remain elevated for a long period. He expressed confidence that global markets would stabilise and India’s supply chain management would help avoid any major domestic fuel crisis.

Concerns Over Wider Global Conflict

The minister also warned that the situation could become worrying if the conflict spreads beyond the current region.

Puri said a prolonged geopolitical crisis lasting till 2027 could trigger a “global depression,” though he described such a scenario as extremely remote.