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India urgently expands oil storage amid mounting geopolitical risks

IndiaTimes Thursday, 4 January 2024
India prioritizes and accelerates efforts to expand oil storage capacity to mitigate geopolitical risks and accommodate increasing refining capacity. The country faces vulnerabilities in the energy supply chain, particularly in regions like the Red Sea and the Middle East. To enhance energy resilience and reduce external dependencies, India needs a comprehensive strategic plan. The International Energy Agency (IEA) recommends maintaining oil stocks equivalent to at least 90 days of net imports, a benchmark India falls short of. Steps have been taken to address this shortfall, including the implementation of Strategic Petroleum Reserves (SPRs).
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Middle East Middle East Geopolitical region

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Credit: Oneindia    Duration: 03:02Published
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Red Sea Red Sea Arm of the Indian Ocean between Asia and Africa

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US military mistakenly shoots down one of its fighter jets

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Sky News

International Energy Agency International Energy Agency Autonomous intergovernmental organisation

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