India's Energy Security and Gulf Dependence
India is the world's third-largest oil importer and consumer. Approximately 85% of India's crude oil requirements are met through imports, with Gulf countries (Saudi Arabia, Iraq, UAE, Kuwait) traditionally accounting for nearly 60–65% of India's crude imports. India also receives significant LNG from Qatar (Rasgas contracts). A Hormuz closure would force India to pay war-risk insurance premiums, seek alternate suppliers (Russia, US), and draw down its 5.33 million metric tonne strategic petroleum reserve maintained at Vizag, Mangaluru, and Padur.
- India's crude import dependency: ~85% of consumption
- Gulf's share in India's crude imports: ~60-65% in normal times
- India's Strategic Petroleum Reserve (SPR): 5.33 million metric tonnes (approximately 9 days of consumption) at three underground rock caverns — Visakhapatnam, Mangaluru, Padur
- India also imports LNG from Qatar under long-term contracts
- Indian petroleum product prices are partially administered — a crude price spike causes fiscal pressure on both oil companies and the government's subsidy bill
● Tracked since March 03, 2026 · last seen May 29, 2026 · updates as the daily brief publishes
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