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India Plans To Refill Mangalore SPR After October

OIL

India plans to import around 5.5mn barrels of crude oil after October to fill part of its Mangalore SPR, a source familiar with the plan told Reuters.

  • India has three SPR sites - Mangalore, Padur and Vizag – that store up to 5mn tonnes, or 37mn barrels, of crude oil.
  • The Mangalore SPR facility has two equal size compartments of about 5.5mn barrels each. One of those that had previously contained Saudi oil is empty, the source said.
  • This compartment would be filled after the single point mooring (SPM) facility at the Mangalore port resumes operations in October, the source said.
  • The Indian government has allocated 50 billion rupees ($611.40 million) for its strategic oil purchases this fiscal year to end March 2024. Overall, India will need to import about 13mn barrels of oil for the SPR as later this year another SPR would be empty, the source said.
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