How much oil does India have? PM Modi explains nation’s preparedness amid global fuel crisis

“West Asian war has impacted us all. I want to express the government’s stance on this war in front of the House and the people of India. This war has been going on for over 3 weeks. It has created a serious fuel issue in the world. The situation in India is worrying too. This has impacted our ways of business,” he said.Highlighting India’s preparedness, PM Modi said that in the past 11 years, the country has created 53 lakh metric tonnes (MT) of strategic oil reserves, with work underway to add another 65 lakh MT. “The country is working on arranging over 65 lakh metric ton gas. Along with that, India’s refining capacity has also been increased in the past 10 years. I want to assure the country that India has enough crude oil storage and non-stop supply arrangements,” PM Modi said.He added that the Centre has started a Rs 70,000-crore project to manufacture ships. PM Modi further assured that his government is trying to procure gas and crude oil from all available sources.“Govt has constituted 7 empowered groups to evolve strategies on fuel, supply chains, fertilisers, among others,” he said. Asserting the stance of India in the ongoing conflict, PM Modi said that the nation wants peace in the region through dialogue and diplomacy.On the broader economic impact, the Prime Minister acknowledged the global disruption caused by the crisis, saying, “West Asia crisis has shaken world economy, will take a long time to recover. Govt making all efforts to minimise impact of West Asia crisis on India,” he said. PM Modi reaffirmed the commitment to maintain high economic growth. “Irrespective of crisis, maintaining high economic growth is our responsibility,” he said. The ongoing conflict in West Asia has entered its fourth week, disrupting trade routes through the Strait of Hormuz. The war started on February 28 with the killing of Iran’s former Supreme Leader Ayatollah Khamenei.