India Oil Reserves

The state-run refiner also plans to shut half of its 240,000 bpd Mumbai refinery in western India for three to four weeks in September-October for maintenance

Amid a deepening global energy crisis, India is planning to set up a strategic gas reserve on the lines of its strategic petroleum reserve (SPR)

World Bank President David Malpass has welcomed India's move to begin selling oil from its stockpiles

As oil prices dived on news that the US was considering record release from the reserves, India said it supports the initiative to let out from the strategic stockpile to cool rising oil prices

'Govt of India is ready to take all appropriate action, as deemed fit, for mitigating market volatility and calming the rise in crude oil prices,' MoS Rameswar Teli said

Oil prices dropped on Tuesday on growing talks that the United States, Japan and India will release crude reserves to tame prices

India, the world's third-biggest oil importer and consumer that imports over 80% of its oil needs, is mirroring a model adopted by some other countries.

India, the world's third-biggest oil importer and consumer, relies on overseas supplies for over 80% of its oil needs.

Request for proposal document awaiting Centre's nod

The average cost of procurement of crude oil was $19 per barrel, as compared to $60 a barrel prevailing during January 2020

India is second biggest growth driver of primary energy consumption in the world, behind China.

The forward premium comes down when the demand for the spot is more than the future dollar

Leading OPEC producers Saudi Arabia and Abu Dhabi have said they will increase output while cutting prices, giving big consumers the chance to fill up at discounted prices

So far, Abu Dhabi National Oil Co is the only foreign company storing oil in India's strategic reserves, at Mangalore, also in Karnataka

India's demand for crude is assessed at 8.2 million bbl/d by 2040, while domestic production will remain relatively flat at around 1 million bbl/d

Saudi Oil Minister, on his second visit to India in three weeks, discussed with its Indian counterpart Dharmendra Pradhan the 60 million tonne (MT) a year mega oil refinery cum petrochemical complex