Even if the Iran war continues for a long time, petrol will not run out in these countries! There is such a huge reserve of crude oil

Tension is currently at its peak in the Middle East. The long ongoing conflict between Iran and Israel-America has increased the concern of the entire world. The situation has become such that its direct impact on the energy market is becoming visible.Iran has closed the Strait of Hormuz. If any ship tries to pass through there, there is a danger of attack on it. On Wednesday also, Iran targeted three ships. In fact, the Strait of Hormuz is one of the most important sea routes in the world in terms of crude oil supply. Through this route, large quantities of oil reaches different countries of the world. Ever since the situation of war has arisen in this area, there has been a sharp rise in the prices of crude oil.

After the start of the war, the price of crude oil in the international market has increased by about 30 percent. In many places its price has reached $ 100 per barrel. Its effect is gradually becoming visible in India also. There are reports of LPG shortage from many parts of the country. However, at present there is no major crisis regarding petrol and diesel. In such a situation, the biggest question is that if this war continues for a long time, can there be a shortage of petrol and diesel across the world?

The world runs on crude oil

In fact, today’s global economy is largely dependent on the continuous and uninterrupted supply of crude oil. Whenever war or major tension arises at the international level, it has a direct impact on the supply chain. Oil supply is affected and there is a danger of inflation increasing. But many powerful countries of the world have already made preparations to deal with such situations. These countries have a special arrangement for use in case of a major energy crisis, which is called Strategic Oil Reserve.

The treasure of ‘Black Gold’ is safe inside the ground

No country can deal with a sudden energy crisis overnight. Shortage of petrol and diesel has a direct impact on the prices of essential commodities. To avoid this dire situation, many countries keep huge stocks of crude oil in advance as per their domestic needs. This crude oil is kept highly protected in specially built huge underground bases. When the supply of oil in the international market stops or there is an emergency like war, then the functioning of the country is run smoothly by extracting oil from these huge reserves.

America is the ‘king’ in this oil war

The United States leads the world in terms of emergency oil reserves. The US government has huge reserves of about 700 million (70 crore) barrels of crude oil. It is considered to be the world’s largest and most secure government oil reserve. Whenever there is a major disruption in global supply, America uses this underground stock. If we talk about Asia, China and Japan have also made strong arrangements to protect their huge economies. China is estimated to have a stock of about 400 to 500 million barrels, while Japan has accumulated about 440 million barrels of oil at the government and private levels together. The dependence of these two countries on oil imports is very high, hence they have created this infallible security circle.

What is India’s position in this time of crisis?

India’s economy is also growing rapidly today and our oil dependence is also not hidden from anyone. In such a situation, India has also continuously strengthened its energy security. According to current data, India has strategic oil reserves of about 5.33 million metric tons. This reserve is enough to meet the country’s oil requirement for about 70 days. India also keeps this emergency crude oil safe in special bunkers built underground, so that in any adverse situation the country’s transport and industrial businesses do not come to a standstill.

European countries are also not behind

Not only Asia and America, but also South Korea and many countries of Europe are very serious about energy security. A country like South Korea has a safe reserve of 200 million barrels. At the same time, among European countries, Germany has a strong stock of 170 million barrels, France has 120 million barrels and Italy has 76 million barrels. Apart from this, Britain has kept its emergency reserve between 60 to 70 million barrels and countries like Spain have kept between 30 to 50 million barrels.

Source International Energy Agency, US Energy Information Administration,Energy Institute Statistical Review

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