India to start filling strategic oil reserves after price crash – Bloomberg
|Citing officials with the knowledge of the matter, Bloomberg reported on Wednesday, India is considering ramping up its strategic petroleum reserve (SPR), in a bid to take advantage of the recent crash in oil prices.
Key takeaways
India is set to snap up millions of barrels of Middle East crude.
The purchases are in line with global efforts to stabilize energy markets.
This comes after Indian oil minister spoke to US, Saudi counterparts.
Note that India is the world’s third largest oil consumer behind the US and China.
Last week, China announced it would start buying oil for its state reserves, given the price drop.
Oil price reaction
Oil prices are consolidating their rebound after Tuesday steep declines, unperturbed by the above piece of news. WTI trades 3% higher around 24.40 region while Brent trades almost flat at $32 mark.
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