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India Most Prone to Mideast Oil Supply Woe, with Reported Inventories Only Sufficient for 20-25 Days: Analysis
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If the Middle East crisis gives rise to a prolonged disruption of oil transportation in the region, India will be the most vulnerable country to oil supply shocks, owing to its insufficient reserves, a Reuters report, citing analysis, indicated. The analysis pointed out that the Middle East accounts for approximately 55% of India's total oil imports, averaging 2.74 million bpd, the highest level since the end of 2022, since Indian refiners reduce their purchases of crude oil from Russia under pressure from the US. India's oil minister told Parliament last month that the country's crude oil and fuel reserves were only sufficient for 74 days. However, refining industry sources told Reuters that India's current inventory can only support 20-25 days. Asia imports nearly 90% of its oil from the Middle East. Japan and South Korea rely on the Middle East for approximately 95% and 70% of their oil supplies, respectively, but their oil reserves can support 254 days and approximately 208 days, respectively. The analysis also said that China's oil reserves can last for at least six months. AAStocks Financial News |
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