As World Oil Stocks Fall Fast, How Many Days of Fuel Does India Have?

New Delhi: Tension regarding oil has increased in the world. The International Energy Agency (IEA) has warned that global commercial oil stocks are depleting very fast. In the current situation, the world has only a few weeks of oil left. The situation is getting worse due to war in West Asia and threats on the Strait of Hormuz.

Why is the oil crisis deepening?

The IEA report says that oil reserves have fallen to record levels in March and April. Nearly 246 million barrels of oil were reduced in just two months. The supply chain is breaking due to rust. Tankers are unable to pass. There is demand but the goods are not arriving. For this reason there is tremendous pressure on the market.

Is there really only a few weeks of oil left?

IEA Chief Fatih Birol said that there is oil in the market right now, but the stock is decreasing very fast. Many countries are extracting millions of barrels of oil from their strategic reserves every day and putting them on the market. But this jugaad will not last long. The demand may increase further during summer and holiday season, then the crisis may deepen further.

How many days of oil does India have?

According to the government, India currently has about 60 days of crude oil stock. Apart from this, separate reserve of LNG and LPG has been kept. Petroleum Minister Hardeep Singh Puri has said that at present there is no need to take tension regarding supply. We also have oil for emergencies.

Is India also in critical situation?

There is danger. India imports more than 85% of its oil needs from outside. Most of the supply comes from West Asia. If the Strait of Hormuz closes or war there escalates, tankers will become stranded. If the supply stops, it will have a direct impact on the rates of petrol and diesel. Oil prices have also increased in the last week itself.

Why is the tension of common people increasing?

The matter is simple. If oil becomes expensive then everything becomes expensive. Increase in petrol and diesel rates means truck fares will increase. If truck fares increase, vegetables, fruits, milk and grains will all become expensive. As transport costs increase, the price of every day-to-day item goes up. That is why people's concern has increased after the IEA report.

At present the government is keeping an eye on the entire situation. But if the war drags on, we may have to tighten our belts further in the coming days.