India strengthens its oil security and places Iraq among its top suppliers.
India strengthens its oil security and places Iraq among its top suppliers.
2026-06-23
Shafaq News – Follow-up
India plans to accelerate the expansion of its strategic oil reserves by building a new facility in Mangalore, Karnataka, with a capacity of 1.75 million metric tons and a cost of $1.6 billion, as part of plans to bolster energy security amid global supply disruptions.
Shafaq News Agency followed up on S&P Global data, which showed that Iraq, along with Saudi Arabia, the UAE, Kuwait and Qatar, is among the most prominent suppliers of crude oil to India, at a time when about 52% of India’s imports of five million barrels per day pass through the Strait of Hormuz.
India’s current oil storage capacity is about 74 days of net imports, a level below the 90-day minimum recommended by member countries of the International Energy Agency, prompting New Delhi to accelerate expansion plans and attract partners to invest in strategic reserves.
shafaq.com
