DelhiDesk India is considering importing 1.25 million tonnes (9.2 million barrels) of crude oil to refill its strategic reserves, which are spread across two sites in Visakhapatnam and Mangalore. The timing and grades of the oil are still under discussion, and it is unclear if India will choose to buy cargoes from OPEC+ or its traditional suppliers in West Asia. India’s refiners were previously unwilling to pay the government’s asking price to lease storage space, and the country is seeking to increase its reserve capacity by 6.5 million tonnes. The US is also rebuilding its depleted stockpiles after a period of drawdown.
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Here is the news bullets sorted by DelhiBreakings.com team.
👉 India is considering refilling its strategic hoard of crude oil
👉 India plans to import about 1.25 million tonnes (9.2 million barrels) of oil to fill empty reserves
👉 The US and India are making plans to beef up reserves
👉 India plans to fill about one-quarter of its reserve spread across two sites in Visakhapatnam and Mangalore
👉 India allotted ₹5,000 crore in its budget earlier this year towards filling strategic stockpiles
👉 The country last added to its strategic stockpiles in 2020
👉 India is seeking to increase its reserve capacity by 6.5 million tonnes
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