India’s rising oil dependence and its thin strategic bufferThe challenge is not just storing more oil, but building a more resilient and diversified energy system. “For oil import-dependent countries like India, strategic oil reserves are crucial on two counts. India is in the process of setting up two new strategic oil reserves. However, even after the completion of Phase II, India’s strategic reserves will be far below the IEA-mandated 90-day buffer. The gap between India’s growing oil import dependence and its thin strategic buffer remains a major vulnerability for the world’s fastest-growing major economy.