Strategic Oil Reserve

The budget proposals also include an allocation of about Rs 180 crore for operation and maintenance of the SPRs and about Rs 335 crore for purchase of land and construction of new caverns

The strategic facilities would be built in phases in India's western and northeastern regions with an initial capacity to store three to four billion cubic meters (bcm) of gas

India, the world's third-biggest oil importer and consumer, imports over 80% of its oil needs and has built strategic storage at three locations in southern India

Amid a deepening global energy crisis, India is planning to set up a strategic gas reserve on the lines of its strategic petroleum reserve (SPR)

There'll be no gain in the long term since US stocks have to be replenished next year

WASHINGTON (Reuters) - The administration of U.S. President Joe Biden announced on Tuesday it will release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to cool prices after OPEC+ producers repeatedly ignored calls for more crude.

Global oil prices rebounded to a one-week high on Tuesday after the move by the United States and other consumer nations to release oil from strategic petroleum reserves

The unusual request is meant to be a coordinated effort to lower global energy prices and reflects US frustration with OPEC and its allies.

Union Power Secretary Alok Kumar on Thursday stressed on the need to have strategic fuel reserves to insulate the nation from supply shocks for at least a month

Oil prices extended losses from the previous session on Thursday, as the United States said it was considering selling oil from its strategic reserves

Request for proposal document awaiting Centre's nod

Conventional wisdom is that when crude oil prices drop, India benefits as it is dependent on imported oil to the tune of about 85 per cent of its total consumption

The government should go for deep structural reforms

Global crude oil fell about 40% in March (to about $25 a barrel now) so far after talks of production cut between the OPEC and Russia failed.

Govt also in talks with Indian private players Reliance Industries and Nayara Energy to pick up stake in the project