India plans to expand its strategic petroleum reserves with a second phase, adding 6.5 million tonnes of crude oil storage at new facilities in Odisha and Karnataka. The Rs 14,527 crore project will use a public-private partnership model to enhance national energy security and reduce supply risks.
Renewed US attacks on Iran have closed the Strait of Hormuz, threatening global oil supplies and driving prices above $100, risking inflation and recession. China, the world's largest oil buyer, is unlikely to use its strategic reserves to cushion prices, a move that could prolong the conflict.
The Government Accountability Office (GAO) has warned that the US Strategic Petroleum Reserve (SPR) is increasingly at risk of failing to respond to future energy crises due to its aging infrastructure and record-low crude oil inventories, with withdrawal and refill capabilities significantly diminished.
ONGC's board has approved the development of a 1.75 million tonne strategic petroleum reserve at Mangaluru, enhancing India's emergency crude oil storage capacity amidst global turmoil and reliance on imports.
ONGC has approved a 1.75 MMT expansion of the strategic petroleum reserve at Mangaluru, Karnataka. This move significantly enhances India's energy security, adding to existing reserves and increasing total oil storage capacity to approximately seventy-four days, following global supply chain disruptions.
The US Strategic Petroleum Reserve (SPR) has reached its lowest point since 1983, with 319.5 million barrels, due to ongoing releases and renewed US-Iran tensions impacting global oil supply concerns and prices. Despite US oil production increases, global commodity trading means geopolitical events like those in the Strait of Hormuz can still affect US prices.
India plans to boost its oil security by building a new strategic petroleum reserve (SPR) facility in Mangaluru, to be developed by ONGC. The project, costing around $1.6 billion, will add 1.75 million metric tonnes to the nation's emergency crude storage capacity.
India may require domestic refiners to hold 30 days' worth of crude oil reserves, akin to China's model, to secure energy supply amid global disruptions, potentially costing refiners nearly Rs 60,000 crore.
The US Strategic Petroleum Reserve (SPR) has reached its lowest point since 1983, with officials releasing 8.9 million barrels in the past week. The current level of 340.3 million barrels is a result of ongoing draws to mitigate economic impacts from global conflicts, raising concerns about operational capacity and hurricane season vulnerability.
The U.S. Strategic Petroleum Reserve is at its lowest level in over 40 years, holding 340.3 million barrels as of June 12. This decline is attributed to emergency releases aimed at easing supply disruptions, potentially linked to the Iran war and an upcoming deal to reopen the Strait of Hormuz.
The US Strategic Petroleum Reserve has fallen to its lowest volume since 1983, reaching 340.3 million barrels after releasing an additional 8.9 million barrels last week. This continued drawdown is reportedly linked to efforts to mitigate consequences of the conflict with Iran.
The US Strategic Petroleum Reserve (SPR) is at its lowest level since 1983, having released 66 million barrels due to the war in Iran. This depletion, coupled with the closure of the Strait of Hormuz, raises concerns about potential oil price spikes and global economic instability.
Russia and Vietnam are in discussions regarding Russian companies' involvement in establishing a strategic petroleum reserve in Vietnam. The talks were held on the sidelines of the St. Petersburg International Economic Forum (SPIEF).
South Korea is drawing growing interest from Middle Eastern oil producers seeking to store crude oil at the country’s petroleum reserve bases, the world’s sixth largest, amid a prolonged blockade of the Strait of Hormuz, a South Korean official and an expert on the matter have said. The strait’s closure in the wake of the US-Israel war on Iran has taken a toll not only on South Korea and other nations dependent on oil imports but also oil-producing countries whose storage tanks are filling up...
