India Plans 5 Million Barrel Oil Reserve Sale With Odds of More
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India plans to sell about 5 million barrels of oil from its strategic petroleum stockpiles as part of a coordinated move with the U.S. and other allies to pressure prices, according to a person familiar with the situation.
The release may come within a week, and India and other countries may look at selling more tranches later, the person said, asking not to be identified discussing a private matter. India’s crude will be sold to refiners including those operated by Mangalore Refinery and Petrochemicals Ltd. and Hindustan Petroleum Corp., the person said.