India will create a strategic reserve of Rs 5000 crore by taking advantage of lower crude oil prices.

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Mumbai, Ta. March 20, 2020, Friday

India has decided to take advantage of lower crude oil prices in Saudi Arabia and the United Arab Emirates and will increase its strategic oil reserves, government sources said.

India will currently buy Rs 5,000 crore of oil at a price of $ 30 per barrel for delivery in April-May to fill three petroleum reserves with a capacity of 53.30 lakh tonnes. Global crude oil prices have dropped 40 percent in March, amid talks between OPEC and Russia over production cuts.

Major oil producers in the Gulf have now decided to increase crude production. Oil prices have dropped significantly due to demand from Corona. At present, India's initiative to create a reserve will help to create a huge strategic reserve, sources said.

Fifty percent of India's strategic reserve of 53.30 lakh tonnes is currently filled. Once the full capacity has been filled, India will be able to meet its 9.50-day oil requirement from this reserve. India currently has a strategic reserve of 53.30 lakh tonnes underground at Visakhapatnam, Pedur and Mangalore. Besides, another 65 lakh tonnes capacity is being erected at Pedur and Chandikhole. Similar facilities are being set up at Bikaner and Rajkot. Increasing capacity could make their foreign exchange significant for countries dependent on oil imports like India.

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