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India eyes cheap oil to refill strategic reserves amid turmoil
Mint New Delhi
|May 21, 2025
India plans to take advantage of a drop in global crude oil prices to refill its strategic petroleum reserves (SPR), two people aware of the matter told Mint, amid renewed geopolitical headwinds and a fresh budgetary push to bolster the country's energy security.
India's existing SPR capacity stands at 5.3 million tonnes, enough to meet just 9.5 days of the country's crude oil needs. But as of October 2024, only 3.6 million tonnes were stored in the underground caverns, leaving a significant gap.
Officials said the government is now looking to replenish the reserves, with Brent crude trading near a four-year low of around $65 per barrel.
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