Posted: 29.05.2023 15:14:00

US media: India to increase strategic oil reserves

India plans to consider increasing its strategic oil reserves by buying 9.2m barrels, Bloomberg reports


"India is considering refilling its strategic hoard of crude oil, joining the US as the world's top guzzler begins to rebuild its depleted stockpiles,” the source said.

It is noted that India plans to purchase about 9.2m barrels of oil.

Earlier, the Indian Government offered foreign and local companies to lease part of two underground storage facilities to accommodate about 8m barrels of oil. At the beginning of 2023, India allocated over $600m for replenishment of stock.