Coming soon


PW
Español

 

PW
Guyana
Surinam


PW
Trinidad

& Tobago
Caribbean

 

Prices
Graphics

 




Very usefull links



PW
Bookstore





Blogspots

The Global Barrel

Tiempo Culural

Gustavo Coronel

Iran Watch.org

Le Blog des
Energies Nouvelles

News Links

AP

AFP

Aljazeera

Dow Jones

Reuters

Bloomberg

Views and News
from
Norway

 

PW
Bookstore

 

 

 

India's release of 5 mln bbls oil from stockpile a 'symbolic gesture'

Shailesh Andrade / Reuters

A driver reads a newspaper as he sits on a spare tire attached to a parked oil tanker at a truck terminal in Mumbai, India, January 10, 2018.

By Nidhi Verma / Reuters

NEW DELHI
Petroleumworld 11 2 2021


India's plan to release 5 million barrels of oil from stockpiles in tandem with releases by other major consumers is unlikely to alter its crude import plans as it is already selling less from the caverns than its target, a government official said.

The United States said on Tuesday it was releasing millions of barrels from its strategic reserves in tandem with India and other countries. The timing was not specified.

India, the world's third biggest oil importer and consumer, imports over 84% of its oil needs and has strategic petroleum reserves (SPR) to store up to 5 million tonnes, or about 37 million barrels of oil, to protect against supply disruptions.

The government official, who asked not to be named, said the release from India's strategic petroleum reserve (SPR) was "a symbolic gesture" as it needed to create space as part of efforts to make money from renting out the storage and was already selling the oil.

India has repeatedly raised concerns over rising oil prices and wants the Organization of the Petroleum Exporting Countries and its allies led by Russia, known as OPEC+ to increase output more quickly.

The country will sell 5 million barrels, equivalent to one day of its oil demand, to Mangalore Refinery and Petrochemicals Ltd (MRPL.NS) and Hindustan Petroleum Corp (HPCL.NS).

India last year filled the storage with cheap oil and earlier this year overhauled its SPR policy to commercialise half of the storage and lease space to Indian and foreign companies.

To obtain enough space for its plan, India has to sell about 13 million barrels oil as 5.5 million barrels of space is already leased to Abu Dhabi National Oil Company.

Since sales began in August, Indian Strategic Petroleum Reserves Ltd (ISPRL), which manages the federal reserves, has sold about 5 million barrels from the caverns, a second source said.

______________________________________

Reporting by Nidhi Verma; Editing by Barbara Lewis from Reuters.

reuters.com 11 23 2021

TOP

                                                                                                                                                                                                                                                                                                                                                                                             Contact: editor@petroleumworld.com,


Editor & Publisher:Elio Ohep /
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2021, Elio Ohep A. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2021, Petroleumworld   / Elio Ohep - All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.