Current Affair
 
  • Mobile Menu
HOME
LOG IN SIGN UP

Sign-Up IcanDon't Have an Account?


SIGN UP

 

Login Icon

Have an Account?


LOG IN
 

or
By clicking on Register, you are agreeing to our Terms & Conditions.
 
 
 

or
 
 




Strategic petroleum reserves

Wed 28 Jul, 2021

Why in news?

  • Recently, under the Strategic Petroleum Reserves (SPR) programme, the government has given approval for establishing two additional facilities.
  • In 2020, India filled its strategic petroleum reserves in view of the slump in crude prices. 

Static gk

  • GSPRs are stockpiles of crude oil maintained by countries or private industries as a hedge against potential future energy crises.
  • They represent a defense against any event of downfall in future oil production,
  • Strategic reserves do not get counted among a nation's or company's proven oil reserves.
  • In the event of a major disruption due to political or natural disaster, countries holding reserves could increase the available supply of oil by releasing some portion of their reserves. 
  • United States China & Japan  are the world’s largest holder of the crude reserves respectively.
  • In India strategic crude oil storages are at Mangalore (Karnataka), Visakhapatnam (Andhra Pradesh) and Padur (Karnataka) as per Phase I. 
  • The government of India is planning to set up two more such caverns at Chandikhol (Odisha) and Udupi (Karnataka) as per phase II through Public-Private Partnership