As tensions in the Middle East enter their second week, concerns are growing over whether India’s energy supplies are sufficient. According to a recent government report, the country has more than 250 million barrels of crude oil and petroleum products in reserves, enough to meet demand for almost two months. The combined reserves, estimated at around 4 billion liters, provide coverage for seven to eight weeks across the country’s entire energy supply chain.The reserves are spread across multiple storage points, including strategic underground caverns located in Mangalore, Padur and Visakhapatnam. Additional volumes are held in above-ground storage tanks, pipelines and marine vessels as part of a broader distribution network, the report mentioned, cited by ANI. He also rejected claims that the country has only about 25 days of reserves, stating that the broader supply chain reserve significantly expands the country’s reserve.
It also highlighted a major shift in the way crude oil is imported, with procurement now diversified across 40 countries, compared to 27 nations a decade ago, and the strategy described as “anchored in the national interest”.Although the Strait of Hormuz remains one of the world’s most important oil transit routes, the report notes that only about 40% of India’s crude oil imports pass through this narrow waterway. The majority, around 60%, reach India via other routes, with supplies coming from Russia, West Africa, the Americas and Central Asia.
“Gone are the days when India’s energy security rose and fell with conditions at a single maritime choke point,” the document states, adding that any disruption in one corridor would lead to a “managed supply adjustment, not a supply emergency.”Russia remains India’s largest crude oil supplier in February 2026. The report notes that despite geopolitical pressure in recent years, India has maintained its purchases while complying with G7 maximum price rules.“India has never depended on any country’s permission to buy Russian oil. India continues to import Russian oil even in February 2026, and Russia remains India’s largest supplier of crude oil,” the document said.He also mentions a recent 30-day US Treasury waiver allowing purchases of Russian oil to continue, saying the move “removes a friction that no one was interested in maintaining” and recognizes India’s contribution to stabilizing global energy markets.On the domestic front, India’s ethanol blending program has also reduced dependence on crude oil imports. The 20% blending initiative now replaces approximately 44 million barrels of crude oil each year.Meanwhile, the country’s refining capacity has expanded to 258 million metric tons per year, surpassing estimated domestic consumption levels of between 210 and 230 million metric tons per year.The report says this capacity allowed Indian refiners to supply fuel to Europe when sanctions on Russian crude created shortages in that market. He points out that “Indian refineries do not depend on a fixed list of a fixed origin”, highlighting the flexibility of the sector in the supply of crude oil.Data cited by the Petroleum Planning and Analysis Cell shows that retail fuel prices in the country have remained largely stable over the last four years. Between February 2022 and February 2026, petrol prices in Delhi fell by 0.67%. During the same period, prices increased by 55% in Pakistan and 22% in Germany.To keep prices stable, public sector oil companies absorbed significant financial losses. The report states that these companies suffered losses of Rs 24,500 crore on petrol and diesel and around Rs 40,000 crore on LPG.It concludes that decisions in the sector are evaluated on the basis of “affordability, availability and sustainability”, while noting that no fuel pump in the country has run dry in the last twelve years.