Consider the following statements with respect to the Strategic Oil Reserves:
1.The strategic oil reserves refer to the untapped crude oil reserves which are supposed to be tapped in future
2.India is one of the countries which have large strategic oil reserves
Choose the correct option from the codes given below:

Answer: [D] Neither 1 nor 2

Strategic reserves of oil refer to volumes of crude oil placed in underground storage, which are not included in the country’s proved reserves. These reserves are mainly maintained by countries that have to depend on imports to meet their demand for unforeseen emergencies that could disrupt supplies.

This question is a part of GKToday's Integrated IAS General Studies Module