Excerpt from Signal Ocean’s SoH Update: What's Next for Tanker Freight?
The knock-on effects for importing nations are equally severe. India, one of the world's largest crude importers, is now facing a deepening energy crisis:
● India's strategic petroleum reserves are filled to about 64% of their total capacity, which would cover roughly five days of demand at current consumption levels, junior petroleum minister Suresh Gopi told Parliament.
● The country maintains these reserves across three sites in Andhra Pradesh and Karnataka, with a combined storage capacity of 5.3 million metric tonnes of crude oil. At present, around 3.37 MMT (or 24.7 million barrels) is in storage, serving as a short-term safeguard against supply disruptions. India's daily oil consumption stands at about 5 million barrels.
● Nayara Energy's Vadinar refinery has entered an extended 35-day shutdown, threatening domestic fuel supply.
● Reliance Industries has denied any resumption of Iranian crude purchases, stating its last intake was in April 2019. However, Signal Ocean AIS data shows the US-sanctioned Aframax tanker Ping Shun loaded crude at Iran's Kharg Island and is currently signaling Vadinar, India as its destination. While this points to Iranian crude potentially heading toward India, AIS signals do not confirm final discharge or buyer. There is no verifiable evidence linking this cargo to Reliance or any specific Indian refiner.
Data Source: Signal Ocean Platform