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OIL: India Should Seek Budget to Raise Strategic Oil Storage: Parliament Report

OIL
IndiaEnergy BulletsBulletAPACCommodities

India needs to maintain sufficient strategic oil storage considering geopolitical risks but is currently only 67% full, according to a report submitted to Parliament this month cited by Bloomberg.

  • Crude stockpiles at its three strategic storage sites are 3.61m tons compares to capacity of 5.33m tons.
  • The report said the oil ministry should seek the budget from the finance ministry to fill stockpiles.
  • Capital expenditure of state firms and the oil ministry should be increased to meet long term energy security goals.
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India needs to maintain sufficient strategic oil storage considering geopolitical risks but is currently only 67% full, according to a report submitted to Parliament this month cited by Bloomberg.

  • Crude stockpiles at its three strategic storage sites are 3.61m tons compares to capacity of 5.33m tons.
  • The report said the oil ministry should seek the budget from the finance ministry to fill stockpiles.
  • Capital expenditure of state firms and the oil ministry should be increased to meet long term energy security goals.