Close on the heels of this news, on November 23, India said that it has agreed to release 5 million barrels of crude oil from its Strategic Petroleum Reserves. The cost at which Indian refiners sourced their crude oil averaged $82.11 a barrel in October and on November 19 the price was at about $80.70 a barrel. The current strategic reserves capacity which India has can manage only nine days of the country’s demand. The crude oil import figures for April-October 2021 stood at 118.5 million tonnes, costing about ₹4,53,129 crore. Going by the consumption pattern of 2017-18, the total capacity is estimated to provide for about 9.5 days of crude oil requirement.”Further, oil marketing companies (OMCs) currently have stocks for 64.5 days.

Source: The Hindu November 26, 2021 17:22 UTC