Strategies to reduce oil dependence on OPEC
• Strategic Petroleum Reserves (SPR) are stockpiles of crude oil maintained by nations and by private industries as a hedge against potential future energy crises. • The majority of countries other than part of OPEC, such as India, are heavily reliant on oil imports, with India being 82% reliant. • That is why Strategic Petroleum Reserves (SPR) are required, which are large tanks and storage facilities that store imported oil and are meant to be used in emergencies. • India imports 82% of its oil needs and aims to bring that down to 67% by 2022 by replacing it with local exploration, renewable energy and indigenous ethanol fuel. India was the second top net crude oil (including crude oil products) importer of 205.3 Mt in 2019. • The United States has an oil SPR of 670 million barrels. Given America's fuel requirements, this will suffice for around 70 days of imports. China, which is also a major oil importer, is estimated to have reserves of 500 to 600 million barrels. The ...