The government official said the release from India’s Strategic Petroleum Reserve (SPR) was “a symbolic gesture” as it needed to be spaced out as part of efforts to rent storage and was already selling oil.
India’s plan to release 5 million barrels of oil from stockpiles issued by other major consumers is unlikely to alter crude oil import plans as it is already selling less than its target, a government official said.
The United States on Tuesday said it is releasing millions of barrels from its strategic stockpile with India and other countries. Time was not specified.
India, the world’s third largest oil importer and consumer, imports more than 84% of its oil needs and has strategic petroleum reserves to store up to 5 million tonnes, or about 37 million barrels of oil, to avoid supply disruptions. SPR).
Government officials, who asked not to be named, said the release from India’s Strategic Petroleum Reserve (SPR) was “a symbolic gesture” as it needed to be put in place as part of efforts to rent out storage and is already in place. Selling oil.
India imports more than 84% of its oil needs and maintains strategic petroleum reserves (SPRs) to store 5 million tonnes or about 37 million barrels of oil to avoid supply disruptions.
India has repeatedly expressed concern over rising oil prices and wants the Organization of the Petroleum Exporting Countries and its allies led by Russia, known as OPEC+, to ramp up production sharply.
The country will sell 5 million barrels a day’s worth of its oil demand to Mangalore Refinery and Petrochemicals Ltd and Hindustan Petroleum Corp.
India filled storage with cheap oil last year and earlier this year changed its SPR policy to commercialize half of the storage and lease space to Indian and foreign companies.
To get enough space for its plan, India will have to sell about 13 million barrels of oil as 5.5 million barrels of space is already leased to the Abu Dhabi National Oil Company.
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Since the start of sales in August, Indian Strategic Petroleum Reserves Ltd (ISPRL), which manages the federal reserves, has sold about 5 million barrels from the caves, a second source said.
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