India released 5 million barrels of oil from its strategic petroleum reserves (SPR) in coordination with other countries including the United States, China, Japan and South Korea.
The move is part of efforts led by U.S. President Joe Biden’s for a coordinated release of stockpiles from large government SPRs.
India to release 5 million barrels oil from strategic reserves in coordination with other buyers finance.yahoo.com/news/india-…
Oil prices were close to breaking out above $80 WTI early last week before they crashed ~18% down to $66/barrel WTI on Tuesday, November 30th.
Meanwhile, Indian oil demand is projected to grow enormously: India’s oil demand to rise 50% by 2030 against global expansion of 7% m.economictimes.com/industry/…
And the oil industry (national oil companies and also private oil companies) have trillions in capex (lack of investment) to make up in the coming years to replace oil reserves used up and to find new oil supply: The Oil And Gas Industry Is Facing A $3.3 Trillion Stranded Asset Nightmare oilprice.com/Energy/Energy-Ge…