May 22, 2026 16:43 pm IST

Opinion | India's Oil Reserves: How Long Can They Last As Iran War Continues?

It may be recalled that at the start of the war, India had around 74 days of oil reserves. On May 13, after completion of 74 days, India still had 60 days of oil reserves.

Col (Retd) Rajeev Agarwal Col (Retd) Rajeev Agarwal Columnist

Col (Retd) Rajeev Agarwal Columnist

The war in Iran has completed 80 days - 40 days of active conflict and 40 days of a fragile ceasefire, coupled with a double naval blockade in the Strait of Hormuz. A war, launched through pre-emptive strikes by Israel and the US on February 28, should have ended in a few days if things had gone according to plan. But apparently, Iran had other plans, having worked on and prepared for exactly this kind of scenario for over two decades. So, where are we now? Where is the war headed? How is it that the Strait of Hormuz has virtually become the most critical factor in ending the war, an issue that did not exist at the start of the war? And, for us in India, the most crucial question is, how is India securing its national interests in the midst of this conflict, especially energy security?

Indian Dependency on the Strait of Hormuz

India imports almost 88% of its annual crude oil requirements, which amount to 1.8 billion barrels. Broken down to a daily figure, it translates to a daily import of around 5 million barrels of oil per day. Of this, as per figures of FY 2025-26, India imported almost 48% of its total import requirement from the Gulf region, with Iraq (17.8), Saudi Arabia (14.5), the UAE (11.4), along with Kuwait and Qatar, supplying India its crucial needs. During the same period, Russia was the top supplier at 30.5%. On a daily basis, the oil imports from the Gulf region amounted to 2.4 million barrels per day.

It may be of interest to note that till May 2019, Iran accounted for almost 10-12% of India's crude oil imports, which were stopped under American sanctions imposed in President Trump's first term under a 'Maximum Pressure Policy' imposed on it. Also, till 2022, before the onset of the Russia-Ukraine war, Russian imports of oil were barely 1-2%, which have risen to 35-40% at peak levels during the last four years, as India was able to get crude oil from Russia at a heavily discounted price.

In the........

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