Strategic Petroleum Reserves

The group's members have become worried that U.S. President Joe Biden is using the Strategic Petroleum Reserve (SPR) to tamp down rampant domestic inflation for political reasons, instead of protecting consumer countries from a global supply disruption, according to the sources who declined to be identified because of the sensitivity of the topic.

The United States is considering releasing 180 million barrels of crude from its Strategic Petroleum Reserve.

Oil prices fell sharply to below $107 a barrel on Thursday as the US administration considered releasing crude for several months from their Strategic Petroleum Reserve (SPR).

Oil prices fell sharply early on Thursday as the US administration considered releasing 1 million barrels of crude a day for several months from their Strategic Petroleum Reserve (SPR).

Government has assured that it is "closely monitoring" potential supply disruptions and is ready to take steps for ensuring supplies at stable prices

Petrol and Diesel Prices Today: Fuel prices remained stable for the 24th consecutive day across four metros

The government official said the release from India's strategic petroleum reserve (SPR) was "a symbolic gesture" as it needed to create space as part of efforts to make money from renting out the storage and was already selling the oil.

The United States will sell 32 million barrels of crude from four Strategic Petroleum Reserve (SPR) sites to be delivered between late-December and April 2022, the Department of Energy (DOE) said as it auctions oil to try to lower global prices.

India has decided to release 5 million barrels of crude oil from its strategic petroleum reserves (SPRs) simultaneously with countries like the US, Japan, China, Britain and Republic of Korea with the aim of bringing down its prices.

The request came after the US government was unable to persuade OPEC+ to pump more oil with major producers arguing the world was not short of crude

India, the world's third-biggest oil importer and consumer that imports over 80% of its oil needs, is mirroring a model adopted by countries such as Japan and South Korea in its commercialisation of its Strategic Petroleum Reserves (SPRs).

Fuel demand also climbed last month to its highest since April as pandemic restrictions and lockdowns were unwound in most states.

Last month government had changed its policy to allow the Indian Strategic Petroleum Reserves to lease 30% of its overall 37 million barrels capacity to Indian and foreign companies.

India, the world's third-biggest oil importer and consumer, imports over 80 per cent of its oil needs and has built strategic storage at three locations in southern India to store up to 5 million tonnes of oil to protect against supply disruption.

India also plans to build strategic storage at Chandikhol in Odisha and Padur in Karnataka for around 6.5 million tonnes of crude to provide an additional cover of 12 days of net oil imports

The group's members have become worried that U.S. President Joe Biden is using the Strategic Petroleum Reserve (SPR) to tamp down rampant domestic inflation for political reasons, instead of protecting consumer countries from a global supply disruption, according to the sources who declined to be identified because of the sensitivity of the topic.

The United States is considering releasing 180 million barrels of crude from its Strategic Petroleum Reserve.

Oil prices fell sharply to below $107 a barrel on Thursday as the US administration considered releasing crude for several months from their Strategic Petroleum Reserve (SPR).

Oil prices fell sharply early on Thursday as the US administration considered releasing 1 million barrels of crude a day for several months from their Strategic Petroleum Reserve (SPR).

Government has assured that it is "closely monitoring" potential supply disruptions and is ready to take steps for ensuring supplies at stable prices

Petrol and Diesel Prices Today: Fuel prices remained stable for the 24th consecutive day across four metros

The government official said the release from India's strategic petroleum reserve (SPR) was "a symbolic gesture" as it needed to create space as part of efforts to make money from renting out the storage and was already selling the oil.

The United States will sell 32 million barrels of crude from four Strategic Petroleum Reserve (SPR) sites to be delivered between late-December and April 2022, the Department of Energy (DOE) said as it auctions oil to try to lower global prices.

India has decided to release 5 million barrels of crude oil from its strategic petroleum reserves (SPRs) simultaneously with countries like the US, Japan, China, Britain and Republic of Korea with the aim of bringing down its prices.

The request came after the US government was unable to persuade OPEC+ to pump more oil with major producers arguing the world was not short of crude

India, the world's third-biggest oil importer and consumer that imports over 80% of its oil needs, is mirroring a model adopted by countries such as Japan and South Korea in its commercialisation of its Strategic Petroleum Reserves (SPRs).

Fuel demand also climbed last month to its highest since April as pandemic restrictions and lockdowns were unwound in most states.

Last month government had changed its policy to allow the Indian Strategic Petroleum Reserves to lease 30% of its overall 37 million barrels capacity to Indian and foreign companies.

India, the world's third-biggest oil importer and consumer, imports over 80 per cent of its oil needs and has built strategic storage at three locations in southern India to store up to 5 million tonnes of oil to protect against supply disruption.

India also plans to build strategic storage at Chandikhol in Odisha and Padur in Karnataka for around 6.5 million tonnes of crude to provide an additional cover of 12 days of net oil imports