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State refiners fill up India's strategic reserves with spare crude oil

Buying more crude to fill strategic capacity will benefit India as international crude oil prices are falling

Topics
Crude Oil Price | Brent crude oil | IOCL

Shine Jacob  |  New Delhi 



shipping, storage, crude, ships, transportation, oil, petrol, gas, production, company
Buying more crude to fill the strategic capacity will be advantageous for India now as international crude oil prices are falling. Price of Brent crude was seen around $25 a barrel at 5 pm on Thursday.

Spare crude oil from state-owned refiners is helping India fill up its strategic storage capacity of 5.33 million tonnes (mt). The storage facilities at Mangaluru and Padur in Karnataka, and Visakhapatnam in Andhra Pradesh are likely to reach full capacity by the end of May.

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First Published: Thu, April 30 2020. 22:41 IST

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