• 9964432222
  • Mail Us
  • Appointment
  • Locate Us
  • Chat Now
  • Courses
  • Login
  • Register
Manifest IAS
JournalsOfIndia
Manifest Learning Academy
  • Home
  • SNIPPETSfor Prelims
  • ARTICLESfor Mains
  • BROWSEBY SOURCE
  • DOWNLOADS
No Result
View All Result
  • Home
  • SNIPPETSfor Prelims
  • ARTICLESfor Mains
  • BROWSEBY SOURCE
  • DOWNLOADS
No Result
View All Result
JournalsOfIndia
No Result
View All Result
Home Economy

Indian Strategic Petroleum Reserves

November 24, 2021
in Economy
Reading Time: 2 mins read
0
Indian Strategic Petroleum Reserves
135
VIEWS
Share on WhatsAppShare on TelegramShare on Facebook
image_pdfMake PDF

In news- Recently, India,  the world’s third-largest oil importer, has agreed to release 5 million barrels of crude oil from its strategic reserves (about 12.8 percent of 5.33 million tonnes of crude oil reserves) as part of a coordinated move along with the US, China, Japan and South Korea aimed at lowering international prices.

About Indian Strategic Petroleum Reserves-

  • India has an existing crude storage capacity of 5.3 million tonnes (mt), including 1.33 mt in Visakhapatnam, 1.5 mt in Mangalore and 2.5 mt in Padur(near Udupi). 
  • Built at a cost of $600 million, these reserves are operational and are sufficient to meet around nine-and-a-half days of India’s crude oil requirements.
  • India is dependent on imports to meet 85% of oil demand and 55% of natural gas requirements. 
  • OPEC accounts for a majority of India’s crude oil imports and around 40% of global production.

  • These strategic storages would be in addition to the existing storages of crude oil and petroleum products with the oil companies and would serve as a cushion during any supply disruptions. 
  • The construction of these Storage facilities is being managed by Indian Strategic Petroleum Reserves Limited (ISPRL),.
  • ISPRL is a Special Purpose Vehicle, which is a wholly owned subsidiary of Oil Industry Development Board (OIDB) under the Ministry of Petroleum & Natural Gas. 
  • Engineers India Limited (EIL) worked as the Project Management Consultant for the three locations.
  • The crude oil storages are constructed in underground rock caverns and are located on the East and West coast of India as rock caverns are considered as the safest means of storing hydrocarbons. 

Other countries with the SPR- 

  • Besides the United States, the other 29 member countries in the International Energy Agency (IEA), including the United Kingdom, Germany, Japan, China and Australia , are required to hold oil in emergency reserves equivalent to 90 days of net oil imports. 
  • Japan has one of the largest reserves after China and the United States.
  • As per IEA, there are typically three ways to maintain SPR levels to meet the 90-day requirement: 
  • Commercial stocks held by refiners.
  • Held by the government.
  • Agency stocks.
  •  The stockholding structure is peer-reviewed every five years among members.
image_pdfMake PDF
Source: The Indian Express
Tags: News PaperPrelims

Related Posts

Goods and Services Tax (GST) Council

Goods and Services Tax (GST) Council

July 5, 2022
Windfall Tax

Windfall Tax

July 4, 2022
Financial Services Institutions Bureau (FSIB)

Financial Services Institutions Bureau (FSIB)

July 4, 2022
Ease of Doing Business (EoDB) Ranking for states

Ease of Doing Business (EoDB) Ranking for states

July 2, 2022
Pay Roll Automation for Disbursement of Monthly Allowances (PADMA)

Pay Roll Automation for Disbursement of Monthly Allowances (PADMA)

July 2, 2022
Computerisation of Primary Agricultural Credit Societies (PACS)

Computerisation of Primary Agricultural Credit Societies (PACS)

July 1, 2022
12th WTO Ministerial Conference

12th WTO Ministerial Conference

June 30, 2022
“National Highway Excellence Awards” 2021

“National Highway Excellence Awards” 2021

June 28, 2022
Global Liveability Index, 2022

Global Liveability Index, 2022

June 27, 2022
Odisha’s Mo Bus

Odisha’s Mo Bus

June 25, 2022
Please login to join discussion

Our Offline Classroom Student

PRELIMS 2021 POLITY QUESTIONS ANALYSED

https://youtu.be/5q8hBcRGhAs

PRELIMS 2021 HISTORY QUESTIONS ANALYSED

https://youtu.be/v0SIZ7SUybg

CONGRATULATIONS TO 2021 TOPPERS !!!

Rank 171 Kumar Shivashish
Rank 250 Sahithya
Rank 263 Sumit Kumar Thakur
Rank 311 Deepak Ramachandra Shet
Rank 455 Ravinandan B M

July 2022
MTWTFSS
 123
45678910
11121314151617
18192021222324
25262728293031
« Jun    

Browse by Category

  • Agriculture
  • Disaster Management
  • Economy
  • Environment
  • Ethics
  • Foreign Affairs
  • Geography
  • Governance
  • History
  • Law & Policy
  • Opinion
  • People in News
  • Places in News
  • Science & Tech
  • Security
  • Society
  • Sports
  • Uncategorized

Browse by Tags

AIR BBC Business Standard CNN Deccan Herald DownToEarth Down to Earth DTE Economic Times ET GS-1 GS-2 GS-3 GS-4 Hindustan Times IE India & the world Indian express India today Indiatoday Kurukshetra LiveMint Mains News Newspaper News Paper PIB PIB & The Hindu pre Prelims PRS India RSTV Science Reporter Survey The Hindu The Hindustan Times The India Express The Indian Express The New Indian Express Times of India TOI TOPPERS UNDP website Wikipedia Yojana
JournalsOfIndia

Our vision is to orient the readers to grasp the facts objectively and analyse critically. In the rush of reaching first to the readers, the websites miss the balanced opinion, which is the need of the hour. We aim to reach the readers with more crispness, preciseness and relevance. We bring the articles in UPSC way for the civil services aspirants and the Wisest Way for general readers.

Categories

  • Agriculture
  • Disaster Management
  • Economy
  • Environment
  • Ethics
  • Foreign Affairs
  • Geography
  • Governance
  • History
  • Law & Policy
  • Opinion
  • People in News
  • Places in News
  • Science & Tech
  • Security
  • Society
  • Sports
  • Uncategorized

Browse by Tag

AIR BBC Business Standard CNN Deccan Herald DownToEarth Down to Earth DTE Economic Times ET GS-1 GS-2 GS-3 GS-4 Hindustan Times IE India & the world Indian express India today Indiatoday Kurukshetra LiveMint Mains News Newspaper News Paper PIB PIB & The Hindu pre Prelims PRS India RSTV Science Reporter Survey The Hindu The Hindustan Times The India Express The Indian Express The New Indian Express Times of India TOI TOPPERS UNDP website Wikipedia Yojana

Newsletter

The most important UPSC news and events of the day.

Get Journals daily newsletter on your inbox.

© 2020 JournalsOfIndia - A free initiative by Manifest Team.

  • Login
  • Sign Up
  • Home
  • SNIPPETS
  • ARTICLES
  • BROWSE
  • DOWNLOADS
No Result
View All Result

© 2020 JournalsOfIndia - A free initiative by Manifest Team.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In