This country has world’s largest oil reserves, not Qatar, UAE, Venezuela, Oman, Iran, or Saudi Arabia; How much oil does India have?
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The International Energy Agency (IEA) had appealed to the Group of Seven (G7) nations to release their strategic oil reserves.
Updated: March 13, 2026 10:53 PM IST
The International Energy Agency (IEA) had appealed to the Group of Seven (G7) nations to release their strategic oil reserves.
New Delhi: The ongoing conflict involving Israel, the US, and Iran has triggered an energy crisis in the global market. In such a scenario, nations that rely on other countries for oil maintain their own strategic oil reserves. These reserves are utilized during periods when oil supplies are disrupted.
Countries that play a pivotal role in global energy markets maintain strategic oil reserves. These reserves are drawn upon during times of war or emergency to help stabilize the market.
Which country has largest oil reserves?
Globally, China holds the largest oil reserves. According to reports, China currently has approximately 900 million barrels of crude oil, while its neighbour Japan ranks second with approximately 470 million barrels.
How much oil does India have?
According to reports, India possesses approximately 39 million barrels of oil. The International Energy Agency (IEA) had appealed to the Group of Seven (G7) nations to release their strategic oil reserves. According to a PTI report, India said it would not release its reserves.
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According to information obtained by PTI, India stated, “This crisis, which has led to rising prices, is not of our making. Those responsible for it must be the ones to address it and create conditions that can provide relief regarding prices.”
What does the Govt say?
Union Petroleum Minister Hardeep Singh Puri has said that India’s current crude oil supply situation remains secure, as the share of oil sourced from outside the Strait of Hormuz has risen to 70% of total imports. He added that the availability of petrol and diesel within the country is also fully secure, and LNG consignments are arriving almost daily via alternative routes. Puri emphasized that even if the conflict persists for an extended period, India possesses adequate arrangements for domestic gas production and LNG supplies to effectively manage the situation.
What about USA?
According to Reuters, a report by the U.S. Energy Information Administration indicates that the United States holds approximately 415.4 million barrels of crude oil within its Strategic Petroleum Reserve. Apart from this government stockpile, the United States also holds approximately 439.3 million barrels of oil in commercial reserves maintained by private companies.
Other countries
As mentioned earlier, Japan possesses the second-largest oil reserves in the world, with approximately 470 million barrels of oil, out of which the government reserves currently hold approximately 260 million barrels of crude oil.
Germany has a stock of approximately 110 million barrels of crude oil and about 67 million barrels of refined petroleum products.
