India is considering refilling its strategic hoard of crude oil, joining the US as the world’s top guzzler begins to rebuild its depleted stockpiles after a period of drawdown.
The South Asian nation plans to import about 1.25 million tons (9.2 million barrels) of oil to fill empty reserves, said people with knowledge of the matter, who asked not to be identified as the information isn’t public.
The grades and timing are still under discussion, one of the people said. It’s unclear if India, which has emerged as a major buyer of Russian crude since the Ukraine invasion, will choose to buy cargoes from the OPEC+ producer, or its traditional suppliers in the Middle East.
