New Delhi, March 12 || India's strategic oil reserves and diversification of energy imports across 40 supplier countries have transformed its capacity to absorb global energy shocks, and this resilience has ensured that there is no energy crisis due to the disruption caused by the Iran war as the government is tackling the situation with supply-side management, a senior official said on Thursday.
The country has robust macroeconomic fundamentals with ample forex reserves to cover 11–12 months of imports. These are also enough to cover the country’s oil import bills for 5 years. The strategic stocks of crude and petroleum products are sufficient to cover more than 70 days of market demand, while imports have been diversified to reduce the country’s dependence on the Middle East, the official pointed out.