India’s crude oil stockpiles rose sharply in the second quarter of 2026, according to real‑time data from analytics firm Kpler. The provider estimates that national inventories reached about 104 million barrels at the end of June, up from roughly 90.5 million barrels at the close of April.
The increase follows a period of heightened imports that helped replenish reserves depleted during the 2020‑2021 U.S.–Iran maritime tensions, which had temporarily closed the Strait of Hormuz—a chokepoint that supplies nearly 40 percent of India’s crude imports.
Kpler’s figures, derived from vessel tracking and port‑call data, suggest that India’s weekly crude imports surged to their highest levels since early 2025, driven by purchases from the Middle East and increased spot‑market buying. Industry analysts say the rebound reflects both the clearing of geopolitical bottlenecks and the government’s policy of maintaining a buffer stock to guard against future supply shocks.
Analysis:
The inventory jump may ease short‑term price pressures at Indian refineries, which had faced tighter margins as stocks fell during the Hormuz closure. However, experts caution that the “almost one‑year high” remains well below the 120‑million‑barrel threshold that the Ministry of Petroleum and Natural Gas cites as a comfortable safety buffer. Continued reliance on Middle‑East crudes also leaves India vulnerable to any resurgence of regional conflict or shipping disruptions.
Monitoring future import trends and domestic production will be critical to assess whether the current stock build‑up can be sustained without further geopolitical turbulence.
Sources
Times of India, “Sharp rebound! India’s crude inventory hits almost 1‑year high,” https://timesofindia.indiatimes.com/business/india-business/sharp-rebound-indias-crude-inventory-hits-almost-1-year-high-strong-oil-imports-help-replenish-stocks-depleted-during-us-iran-war/articleshow/132154074.cms.
Story synopsis gathered from: Times of India – Top Stories — source
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