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18 June 2025: Iran says it won't surrender, warns Trump of irreversible harm if US intervenes

18 June 2025: Iran says it won't surrender, warns Trump of irreversible harm if US intervenes

India Today6 days ago

India Today Podcasts Desk
UPDATED: Jun 18, 2025 19:05 IST
On News at 7, this 18th June, Jamshed Qamar Siddiqui brings you the day's most crucial headlines. Iran says it won't surrender against Israel. Meanwhile, Israel attacked Iran, which killed 585 people. However, during the G7 Summit, Canadian Prime Minister Trudeau had the conversation about Hardeep Singh Nijjar with PM Modi.
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However, Brent has since cooled to $71.48 a barrel, as has the other benchmark, the US' West Texas Intermediate (WTI) two benchmarks, Brent and WTI, are widely used to set global oil prices, and they reflect supply-demand trends in international markets. Brent is used mostly as crude traded in Europe, Asia, and Africa, making it more relevant to India, whose oil purchases largely pass through the Strait of Hormuz, while WTI is primarily used in the INDIA SHIELDS ITSELF FROM OIL SUPPLY SHOCKSHowever, despite the odds, India remains somewhat resilient in navigating these challenges, with Petroleum Minister Hardeep Singh Puri citing the nation's critical shield against price shocks and supply which heavily relies on imports, has significantly diversified its crude oil imports over the years to mitigate risks from the volatile Middle East (West Asia).The United States, Nigeria, Angola, and Brazil have emerged as viable suppliers, even as shipments from here involve navigating longer sea routes through the Suez Canal, Panama Canal, or around the Cape of Good Hope, adding to transportation time and diversification of imports has also helped India bypass the Strait of which has continued purchasing oil from Russia despite Western sanctions, is now likely to increase its imports to a two-year high of 2.2 million barrels per day. That will surpass India's combined purchases from Saudi Arabia and Iraq, according to data by global trade analytics firm tensions have disrupted traffic in the Strait of Hormuz, it has never been fully closed during past wars and conflicts in the region. As of 2024, India had 10 Public Sector Undertaking (PSU) refineries, three private-sector refineries, and one joint-venture refinery. The country's refining capacity increased from 215.066 million metric tonnes per annum (MMTPA) in April 2014 to 256.816 MMTPA in April 2024. (Image: Ministry of Petroleum and Natural Gas) Indian refineries allow them to adapt swiftly to supply disruptions. Long-term agreements with countries like Saudi Arabia, Iraq, and Russia further ensure stable supplies, reducing India's vulnerability to geopolitical ROCK CAVERNS: INDIA'S STRATEGIC OIL LIFELINEAnd while dodging these volatility-driven disruptions, it is a convention among oil-importing companies, including those in India, to time their crude purchases strategically, given the transactions involve spending of valuable foreign exchange. This is where India's Strategic Petroleum Reserves (SPR), stored in underground rock caverns, come into Strategic Petroleum Reserves (SPR), managed by the Indian Strategic Petroleum Reserves Limited (ISPRL) under the Ministry of Petroleum and Natural Gas, form the cornerstone of the country's energy security. At present, there are three underground rock caverns, located 90 metres below the surface and stretching up to a kilometre in length, with a height equivalent to a 10-storey building. A map showing India's strategic crude oil storage: existing underground caverns and upcoming reserve facilities. (Image: Vashu Sharma/India Today) India's LPG cavern in Visakhapatnam, reaching 196 metres below mean sea level, is one of the deepest underground fuel storage facilities in the three facilities hold a total of 5.33 million metric tonnes (MMT) of crude oil, roughly equivalent to India's daily consumption of about 5 million from these three, work is also underway to build additional storage 2021, the Centre approved the establishment of two more commercial-cum-strategic petroleum reserve facilities with a total storage capacity of 6.5 MMT at Chandikhol (4 MMT) in Odisha and Padur (2.5 MMT) in Karnataka, to be developed under the Public-Private Partnership (PPP) mode, says ministry press LONG CAN INDIA'S BUFFER OIL STOCK LAST?India's reserves presently store 5.33 million tonnes of crude oil, which translates to roughly 38 million stockpile is sufficient to cover about 10 days of the country's total crude oil consumption at 2019-2020 levels. Once Phase II is complete, India's overall crude stash is expected to rise enough to meet up to 22 days of national oil in caverns isn't the only reserve that India has. The stock with oil marketing companies can further boost this buffer stock."India currently consumes around 5 million barrels of oil per day. So, this reserve is enough to meet about 9 to 10 days of crude demand if there are no imports. Of course, commercial stocks with oil marketing companies can extend this buffer further, up to around 74 days when combined. But if imports stop completely, we cannot run the country for long," Sumit Pokharna, vice president at Kotak Securities told Fortune combination places India in a relatively comfortable position amid global supply reserves act like shock 2020, when oil prices plunged sharply during the Covid-19 pandemic, India used the crisis to buy crude and store it in its underground rock caverns. 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They also have emergency protocols in place to detect and tackle any potential concept of storing crude in caverns, originally developed in Sweden as a wartime safeguard, was later adopted by countries like Finland, Japan, and South use of underground rock caverns for crude began taking shape in India in 1998 under PM Atal Bihari Vajpayee. It was driven by hard lessons from the 1990 Gulf India continues to assess new sites for expanding its strategic reserves, a process that remains ongoing until the country's dependence on fossil fuels, something the petroleum ministry now prioritises reducing, is significantly lowered.- EndsMust Watch

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