India tops up strategic reserves with cheaper crude, saves over $685 million
NEW DELHI: Taking advantage of low prices in major oil-producing centres in Saudi Arabia and UAE, India has filled up its strategic crude oil reserves to meet its energy needs in times of emergency and saved a neat $685.11 million in the process.
It bought crude oil at an average price of $19 per barrel to fill its reserves in April and May when prices reached an all-time low while the US oil touched negative price levels in futures market.
