Lok Sabha Question No. 3755 (UNSTARRED), answered on 2023-03-23
Subject: India’s Role in Global Oil Markets
Ministry: PETROLEUM AND NATURAL GAS
Asked by: Pritam Gopinath Munde, Chandra Sekhar Sahu, Girish Bhalchandra Bapat, Rahul Ramesh Shewale

## LOK SABHA UNSTARRED QUESTION NO. 3755 TO BE ANSWERED ON 23 rd March, 2023

## India's Role in Global Oil Markets

## 3755. DR. PRITAM GOPINATHRAO MUNDE: SHRI CHANDRA SEKHAR SAHU: SHRI GIRISH BHALCHANDRA BAPAT: SHRI RAHUL RAMESH SHEWALE:

## पैोिलयम और ाकृितक गैस मंी

Will the Minister of PETROLEUM AND NATURAL GAS be pleased to state:

- (a) Whether India is playing an increasingly important role in  global oil  markets and if so, the details thereof;
- (b) the details of petroleum buffer stock in the country;
- (c) whether the stock is enough for one year in case of any untoward happening in international relations and if so, the details thereof;
- (d) the details of petroleum production in the country; and
- (e) the steps taken by the Government to enhance the petroleum production in the country?

## ANSWER

## पैोिलयम और ाकृितक गैस मंालय म राय मंी ( ी रामेवर तेल )

## MINISTER OF STATE IN THE MINISTRY OF PETROLEUM AND NATURAL GAS (SHRI RAMESWAR TELI)

(a)  As  per  BP  Stats  2022,  India  is  the  world's  3rd  largest  energy  consumer,  3rd largest consumer of Oil, 3rd Largest LPG Consumer, 4th largest LNG importer, 4th largest refiner and the fastest-growing major economy with rising energy needs. BP Energy  Outlook  and  International  Energy  Agency  estimate  that  India's  energy demand would grow at about 3% per annum till 2040, compared to the global rate of 1%. Further, India is likely to account for approximately 25 per cent of the global energy demand growth between 2020-2040.

India has been raising the issues faced by consuming countries such as high prices, high volatility, Asian Premium, etc from time to time at various international forums and with major producers including at Gastech-2022 held in Milan, Italy; Abu Dhabi International  Petroleum  Exhibition  and  Conference-2022  (ADIPEC-2022)  held  in Abu  Dhabi,  United  Arab  Emirates;  India  Energy  Week-2023  held  in  Bengaluru, India. India has also been engaging with major International Organisations working in  the  domain  of  Oil  &  Gas  such  as  Organization  of  the  Petroleum  Exporting Countries (OPEC), International Energy Forum (IEF), International Energy Agency (IEA) etc. for advocating responsible pricing of Oil and Gas resources.

(b)&(c): Current capacity of Strategic Petroleum Reserves (SPR) facilities established in the country is 5.33 Million Metric Tonnes (MMT) which is estimated to  provide  for  about  9.5  days  of  crude  oil  requirement.    In  addition,  the  storage capacity of crude oil and petroleum products available with Oil Marketing Companies  (OMCs)  can  provide  an  estimated  stock  of  77  days  (including  the capacity of SPR), based on the net oil imports from April-December 2022.

(d)&(e): The details of production of crude oil and petroleum products for the last 3 years are as follows :

|                                           |   2019-20 |   2020-21 |   2021-22 (P) |
|-------------------------------------------|-----------|-----------|---------------|
| Production of Crude Oil (in MMT)          |      32.2 |      30.5 |          29.7 |
| Production of Petroleum Products (in MMT) |     262.9 |     233.5 |         254.3 |

Various long term and short term policy initiatives have been undertaken to increase the  production  of  oil  and  gas  and  to  reduce  import  dependency  which  inter  alia, include Discovered Small Field Policy-2015, Hydrocarbon Exploration and Licensing Policy-  2016,  Policy  framework  for  Exploration  and  exploitation  of  Coal  Bed Methane (CBM), Early Monetization of existing Discoveries, Revival of sick wells, Redevelopment  of  existing  matured  fields  and  development  of  new  fields/marginal fields,  etc.  A  National  Data  Repository  (NDR)  for  strengthening  geo-scientific database of the country and facilitate E&P data access to investors/institutions has also been established.

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