India's strategic and commercial crude oil inventories have surged to 104 million barrels by the end of June, nearing a one-year high. This increase comes as India boosted its crude oil imports to a record high of 5 million barrels per day in June, with more than half — 2.6 million barrels per day — sourced from Russia.
India aims to reduce its crude import bill, safeguard public finances, and enhance resilience to supply shocks such as conflicts in the Middle East.
Currently, India's underground Strategic Petroleum Reserve has a total capacity of 5.33 million metric tons of crude oil, equivalent to only 39 million barrels, or eight days' worth of India's oil consumption.
