‘India needs to augment its strategic crude oil reserves’: EY warns as import dependence crosses 90% in FY26

India’s dependency on imported crude oil has exceeded 90%, creating a significant risk according to EY’s findings. The consultancy emphasizes the urgent need for enhancing strategic oil reserves, which presently last just five days compared to China’s extensive reserves. This is essential as domestic production wanes and fuel consumption rises, making India vulnerable to global supply disruptions and geopolitical tensions. A thorough reserve strategy is strongly advised.