Commodities & Energy

Reuters exclusively reports India plans to top up strategic tanks with cheap Saudi, UAE oil

Reuters exclusively reports India plans to top up strategic tanks with cheap Saudi, UAE oil

Reuters exclusively reported that India plans to take advantage of low prices for oil from Saudi Arabia and the United Arab Emirates to top up its strategic petroleum reserves (SPR). Global oil prices have fallen around 40% in March as the impact of the coronavirus pandemic has destroyed demand, while supplies are growing following Moscow’s refusal to back deeper output cuts. India, the world’s third biggest oil importer and consumer, imports about 80% of its oil needs and has built strategic storage at three locations in southern India to store up to 36.87 million barrels of oil, or about 5 million tonnes, to protect against supply disruption.