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India plans to release 5 million barrels of crude oil from emergency stockpile

by Economy India
November 23, 2021
Reading Time: 1 min read
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It has been reported that India plans to release about 5 million barrels of crude oil from its emergency stockpile in tandem with the US, Japan and other major economies to cool prices, a top government official said on Tuesday.

India stores about 38 million barrels of crude oil in underground caverns at three locations on the east and west coast.

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Of this, about 5 million barrels will be released, starting as early as 7-10 days, the official, who wished not to be named said.

The stocks will be sold to Mangalore Refinery and Petrochemicals Ltd (MRPL) and Hindustan Petroleum Corp Ltd (HPCL) which are connected by pipeline to the strategic reserves, the company said.

“We may look at releasing more reserves later,” the official said adding a formal announcement was expected later in the day. (business-standard)

Tags: Crude OilHindustan Petroleum Corp Ltd (HPCL)JapanMajor EconomiesMangalore Refinery and Petrochemicals Ltd (MRPL)US
Economy India

Economy India

Economy India is one of the largest media on the Indian economy. It provides updates on economy, business and corporates and allied affairs of the Indian economy. It features news, views, interviews, articles on various subject matters related to the economy and business world.

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