India to Expand Strategic Petroleum Reserves... 'Imports from Saudi Arabia and Others'
[Asia Economy Reporter Naju-seok] India is set to expand its strategic petroleum reserves.
On the 8th, Bloomberg News reported that India, the world's third-largest oil consumer, is expanding its strategic petroleum reserves. The news agency interpreted India's efforts as a signal of a global initiative to stabilize energy markets. Previously, China also took steps to expand its strategic petroleum reserves. Bloomberg News suggested that India's move to increase reserves could be seen as a response at the Group of Twenty (G20) level.
Additionally, India's expansion of strategic petroleum reserves appears to be aimed at securing crude oil, which has recently seen a sharp decline in prices.
The Indian government is known to use state-owned oil companies to import crude oil from countries such as Saudi Arabia, the United Arab Emirates, and Iran, utilizing repayment arrangements.
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India can add 15 million barrels to its reserves, with 5.5 million barrels expected to be imported from the United Arab Emirates and 9.7 million barrels from Saudi Arabia.
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