India plans to fill strategic oil storage by the third week of May
NEW DELHI: India plans to completely fill its strategic petroleum reserve (SPR) by the third week of May by moving about 19 million barrels into the sites by then, the managing director of the country’s SPR said on Tuesday.
India is moving the oil to the SPR to help the country’s refineries reduce their excess crude as the lockdown to contain the outbreak of COVID-19, the respiratory disease caused by the new coronavirus, has dented transportation and industrial fuel consumption in Asia’s third-largest economy.
India’s fuel demand in March declined by 17.8%, the lowest in over two decades.
