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The Silicon Review Asia

India plans to top up its strategic petroleum reserves with Saudi and UAE oil

India plans to top up its strategic petroleum reserves with Saudi and UAE oil

As the global oil prices have fallen around 40 percent as the impact of the Coronavirus pandemic, Indian is planning to take advantage of the low oil reserve prices from Saudi Arabia and the United Arab Emirates to top in the strategic petroleum reserves (SPR). As the oil supplies are growing following Moscow's refusal to back deeper output to export oil to other countries and its OPEC+ allies. The leading OPEC producers Saudi Arabia and Abu Dhabi have stated that they are increasing the output while cutting the prices.

This move by Saudi Arabia and Abu Dhabi is giving the big consumers the chance to fill up oil at discounted prices. "It is an opportune time for us and them (Abu Dhabi National Oil Company and Saudi Aramco) to finalize the deals and fill the SPRs. If there is any delay, we might fill the SPRs on our own," said an official from India.

Indian Strategic Petroleum Reserves Ltd (ISPRL) and India's oil and finance ministry had no immediate comment, while ADNOC and Saudi Aramco declined to comment. But India is all set to seal this opportunity to be the table-toppers in the strategic petroleum reserves in Asia. This move will help India to grow big in the petroleum and oil sectors.




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