Report Wire - India to launch 5 mn barrels of crude oil from strategic reserves

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India to launch 5 mn barrels of crude oil from strategic reserves

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India to release 5 mn barrels of crude oil from strategic reserves

India plans to launch about 5 million barrels of crude oil from its emergency stockpile in tandem with the US, Japan and different main economies to chill costs, a high authorities official stated on Tuesday.
India shops about 38 million barrels of crude oil in underground caverns at three places on the east and west coast.
Of this, about 5 million barrels shall be launched, beginning as early as 7-10 days, the official, who wished to not be named stated.
The shares shall be offered to Mangalore Refinery and Petrochemicals Ltd (MRPL) and Hindustan Petroleum Corp Ltd (HPCL) that are related by pipeline to the strategic reserves.
“We may look at releasing more reserves later,” the official stated including a proper announcement was anticipated later within the day.