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India and South Africa plan to expand strategic petroleum reserves
India’s ONGC plans a new 1.75 million metric ton reserve project in Mangalore as the country seeks greater energy security amid supply bottlenecks.
OilPrice reports the International Energy Agency agreed in March to a record 400 million barrels release from emergency reserves after the Iran war disrupted global energy flows and contributed to sharp oil price spikes.
The article says the United States authorized releases of 172 million barrels from the U.S. Strategic Petroleum Reserve, with the total comparable to the 180 million barrels the Biden administration released during the Ukraine-linked energy crisis.
Against that backdrop, OilPrice writes that India and South Africa have unveiled plans to grow their strategic oil buffers to strengthen energy security as global energy crises become more frequent.
According to the report, India, which imports over 80% of its oil, is looking to build a Strategic Petroleum Reserve in the southern coastal city of Mangalore, with India’s state owned Oil and Natural Gas Corp, ONGC, announcing plans for a 1.75 million metric ton reserve, about 13 million barrels.
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