India Eyes Refill of Strategic Oil Stockpiles as US Replenishes
- More than 9 million barrels of oil needed to fill rock caverns
- Government approved $606 million to fill strategic storages
The Bharat Petroleum Corp. Ltd. oil refinery in Mumbai, India
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
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 after a period of drawdown.
The South Asian nation plans to import about 1.25 million tons (9.2 million barrels) of oil to fill empty reserves, said people with knowledge of the matter, who asked not to be identified as the information isn’t public.