India looks to tank up strategic oil stock to beat global price hike

As global oil markets brace for fresh volatility amid tightening supplies from a big oil grouping and impending US sanctions on Russian majors Rosneft and LUKOIL, India is quietly moving to fortify its energy security architecture.

- Rituraj Baruah

Brent is subdued now, trading below $65 per barrel.

(BLOOMBERG)

With Brent crude trading subdued, below $65 per barrel, and with anticipation of increase in prices due to tightening supplies, India is looking to seize the moment to refill and expand its strategic petroleum reserves, two people aware of the development said. Crude prices had surged to a high of $76 per barrel in June, from a four year low of $60 per barrel in May.