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5 million barrels of crude oil to be released
November 29 , 2021
1018 days
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- For the first time ever, India plans to release about 5 million barrels of crude oil from its Strategic Petroleum Reserves.
- This is ‘in parallel and in consultation with’ the US, China, Japan and South Korea to bring down global crude oil prices.
- India stores about 38 million barrels of crude oil in underground caverns at three locations on the east and west coast.
- The 5 million barrels of crude oil will be released to state-run refiners Hindustan Petroleum Corporation Limited (HPCL) in Vishakhapatnam and Mangalore Refinery and Petrochemicals Limited (MRPL) in Mangaluru.
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