India’s SPRs could be too little, too late

A greater focus on oil security may not be enough to deliver a comprehensive strategy for the net importer’s strategic petroleum reserves

Uncertainty about the availability and price of crude oil during the last 18 months has prompted governments across the world to take steps to safeguard their energy security. Countries such as India, which are highly dependent on imports for their energy requirements, are extra conscious of the need for oil buffers. New Delhi has looked to quicken the development of India’s strategic petroleum reserve (SPR), including speeding up land acquisition and construction at two new sites and scouting for a fifth location to increase the SPR’s overall designed capacity. The country was late in setting up an SPR, with the last of the units in the first phase of development coming online just five yea