India prioritizes and accelerates efforts to expand oil storage capacity to mitigate geopolitical risks and accommodate increasing refining capacity. The country faces vulnerabilities in the energy supply chain, particularly in regions like the Red Sea and the Middle East. To enhance energy resilience and reduce external dependencies, India needs a comprehensive strategic plan. The International Energy Agency (IEA) recommends maintaining oil stocks equivalent to at least 90 days of net imports, a benchmark India falls short of. Steps have been taken to address this shortfall, including the implementation of Strategic Petroleum Reserves (SPRs).India urgently expands oil storage amid mounting geopolitical risks
January 04, 2024
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India prioritizes and accelerates efforts to expand oil storage capacity to mitigate geopolitical risks and accommodate increasing refining capacity. The country faces vulnerabilities in the energy supply chain, particularly in regions like the Red Sea and the Middle East. To enhance energy resilience and reduce external dependencies, India needs a comprehensive strategic plan. The International Energy Agency (IEA) recommends maintaining oil stocks equivalent to at least 90 days of net imports, a benchmark India falls short of. Steps have been taken to address this shortfall, including the implementation of Strategic Petroleum Reserves (SPRs).
