Strategic Petroleum Reserves(SPR)

News:Ministry for Petroleum & Natural Gas has allowed the public sector refiners to use the strategic Petroleum reserves(SPR) for storing their oil purchases. Facts: Strategic Petroleum Reserves(SPR): These are stockpiles of crude oil maintained by countries or private industries which are meant to tackle emergency situations to counter short-term supply disruptions. The Strategic Crude Oil… Continue reading Strategic Petroleum Reserves(SPR)

Strategic oil reserves

News:India may look into its strategic oil reserves after the drone strikes on Saudi Arabian Oil facility has affected the global oil markets. Facts: What are Strategic oil reserves? Strategic oil reserves are stockpiles of crude oil maintained by countries or private industries.They are meant to tackle emergency situations to counter short-term supply disruptions. They… Continue reading Strategic oil reserves

India asks Saudi to invest in strategic oil storage

India has been seeking investment from Saudi Arabia to build strategic crude oil reserves.It will act as a buffer against volatility in oil prices and supply disruptions. Strategic crude oil reserves,which are state-funded and meant to tackle emergency situations,allow a country to counter short-term supply disruptions. The construction and maintenance of strategic petroleum reserves (SPR)… Continue reading India asks Saudi to invest in strategic oil storage