Context: India Energy Security
Amid West Asia tensions and fears of global fuel supply disruption, the Centre said India has adequate fuel stocks and strong forex reserves to manage short-term energy shocks.
Key Data
Crude oil reserves: 60 days
Natural gas reserves: 60 days
LPG rolling stock: 45 days
Forex reserves: around $703 billion
India ranks around 4th globally in forex reserves.
1st: China
2nd: Japan
3rd: Switzerland
India’s Energy Import Dependence
Crude Oil:
- Imports nearly 85% requirement
- Largest supplier: Russia
Natural Gas (LNG):
- Imports around 45%–50%
- Major supplier: Qatar
LPG:
- Imports around 55%–60%
- Major suppliers: Saudi Arabia, Qatar, UAE
Import Cover
Import cover = number of months a country can finance imports using forex reserves if external inflows stop.
Higher import cover reflects stronger external sector stability during crises.
