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State refiners raise crude stocks to 25 days

India's state-run oil refiners have crude oil stocks to keep refineries running for more than 25 days in the event of supply disruptions if there is a war in the Middle East, an oil ministry official said on Tuesday.

Normally, the refiners keep 10-12 days stocks of crude.

"In addition, there are tankers floating near the coast. With that we have stocks close to 30 days," the official, who did not want to be named, told Reuters.

Oil refiners have kept storage tanks full since September, when the oil ministry asked them to contract additional imports amid fears of a conflict in the Middle East.

India has been keenly watching the situation in the Middle East, the biggest crude oil supplier for the country's 17 refineries that can process 2.3 million bpd. It imports 70 percent of its crude oil needs.

Oil prices surged on Tuesday after Iraq's parliament voted to reject a new UN resolution calling on Iraq to disarm, leaving the final decision to President Saddam Hussein.

Iraq has until Friday to decide whether to accept or reject the resolution to allow UN weapons inspectors unhindered access to suspected weapons sites or face military action.

India said on Monday it welcomed the UN resolution.

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