India now imports 75 percent of its oil, prompting the country to consider building its first strategic petroleum reserve, according to a report published Tuesday by the U.S. Energy Information Administration.
India consumes more than 4 million barrels of oil per day, but only produces about 1 million, according to the report.
Source: Energy Information Administration
India spends an incredible $330 million per day on imported oil and natural gas, and that amount is only expected to rise as millions of new cars and other gas-powered vehicles hit the road.
Much of the oil India imports comes from Saudi Arabia, which exported 795,000 barrels per day to India for most of last year. Other major suppliers of oil to India include Sudan, Syria, Iran, and Nigeria.
India plans to build three facilities to store oil, enough reserves to supply the country for an estimated 13 days. The facilities are expected to be completed later this year.
India does not have to remain dependent on imported oil, but the country has not yet adequately explored 75 percent of its territory for potential oil or natural gas resources
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