India will be releasing 5 million barrels of <\/span>crude oil <\/span>from its strategic petroleum reserves <\/span>in coordination with countries like the US, Japan, China, Britain and the Republic of Korea with the aim of bringing down oil prices.<\/span><\/p>\n India believes that oil prices should be reasonable, responsible and be determined by market forces.<\/span><\/p>\n However, the <\/span>oil-producing countries have kept the oil supply below demand to <\/span>sustain high oil prices.<\/span><\/p>\n Due to this, India is particularly at a disadvantage as any increase in global prices can affect its import bill, stoke inflation and increase the trade deficit.\u00a0<\/span><\/p>\n India\u2019s plan to release crude oil from <\/span>its strategic petroleum reserves <\/span>is unlikely to change India’s crude import plans, as 5 million barrels is roughly equivalent to a day\u2019s consumption in the country.<\/span><\/p>\n Hence, this implies that it is more of a symbolic gesture in tandem with the US, Japan and other major economies to come together against OPEC’s plan of keeping high crude prices.<\/span><\/p>\n India has built 1.33 million tonnes of storage at Visakhapatnam in Andhra Pradesh, 1.5 million tonnes at Mangalore and 2.5 million tonnes at Padur (both in Karnataka).<\/span><\/p>\n This is the first time ever that India is releasing oil from its strategic petroleum reserves.\u00a0<\/span><\/p>\n India is dependent on imports to meet 85% of oil demand and 55% of natural gas requirements. OPEC accounts for a majority of India\u2019s crude oil imports and around 40% of global production.\u00a0<\/span><\/p>\n According to data, India has spent around $62.71 billion on crude oil imports in FY21, $101.4 billion in FY20, and $111.9 billion in FY19.<\/span><\/p>\n Source:<\/b> This post is based on the following articles\u00a0<\/span><\/p>\n What is the News? India will be releasing 5 million barrels of crude oil from its strategic petroleum reserves in coordination with countries like the US, Japan, China, Britain and the Republic of Korea with the aim of bringing down oil prices. Why is India releasing 5 million barrels of crude oil from its strategic… Continue reading India to release 5 mn barrels of crude from reserves in bid to cool prices<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,9],"tags":[],"class_list":["post-148603","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-public","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1700509004},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/148603","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=148603"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/148603\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=148603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=148603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=148603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Why is India releasing <\/b>5 million barrels of <\/b>crude oil <\/b>from its strategic petroleum reserves?<\/b><\/h5>\n
How will this release impact India’s crude import plans?<\/b><\/h5>\n
India\u2019s Strategic Petroleum reserves<\/b><\/h5>\n
India\u2019s Dependence on Oil<\/b><\/h5>\n
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