<p style=”margin-bottom:11px”> </p>
<p style=”margin-bottom:11px”><span style=”font-size:11pt”><span style=”line-height:107%”><span style=”font-family:Calibri,sans-serif”><b><span style=”font-family:"Cambria",serif”>Why in News?</span></b></span></span></span></p>
<p style=”margin-bottom:11px”><span style=”font-family:"Cambria",serif”>Indian Strategic Petroleum Reserve Limited (ISPRL), a Government of India Special Purpose Vehicle, has established Strategic Petroleum Reserves (SPR).</span></p>
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<li style=”text-align:justify”><b><span style=”font-family:"Cambria",serif”>Strategic Petroleum Reserves</span></b><span style=”font-family:"Cambria",serif”> are huge stockpiles of crude oil to deal with any crude oil-related crisis like the risk of supply disruption from natural disasters, war or other calamities.</span></li>
<li style=”text-align:justify”><span style=”font-family:"Cambria",serif”>According to the agreement on an International Energy Programme (I.E.P.), each International Energy Agency (IEA) country has an obligation to hold emergency oil stocks equivalent to at least 90 days of net oil imports.</span></li>
<li style=”text-align:justify”><span style=”font-family:"Cambria",serif”>In case of a severe oil supply disruption, IEA members may decide to release these stocks to the market as part of collective action.</span></li>
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<p> </p>
<p> </p>
<p style=”margin-bottom:11px”><span style=”font-size:11pt”><span style=”line-height:107%”><span style=”font-family:Calibri,sans-serif”><b><span style=”font-family:"Cambria",serif”>About:</span></b></span></span></span></p>
<p> </p>
<p>• The facilities with a total capacity of 5.33 Million Metric Tonnes (MMT) at 3 locations, namely (i) Vishakhapatnam, (ii) Mangaluru, and (iii) Padur will be established<br />
• As per the consumption pattern of 2019-20, the total capacity is estimated to provide for about 9.5 days of crude oil requirement.<br />
• Oil Marketing Companies (OMCs) in the country have storage facilities for crude oil and petroleum products for 64.5 days, thus the current total national capacity for storage of crude oil and petroleum products currently is 74 days.<br />
• The government has also given approval for setting up of two additional facilities at Chandikhol (Odisha) and Padur (Karnataka).</p>
<p> </p>
<p style=”margin-bottom:11px”> </p>
<p style=”margin-bottom:11px”><span style=”font-size:11pt”><span style=”line-height:107%”><span style=”font-family:Calibri,sans-serif”><b><span style=”font-family:"Cambria",serif”>Source: PIB</span></b></span></span></span></p>