{"id":627621,"date":"2024-01-11T09:54:28","date_gmt":"2024-01-11T04:24:28","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=627621"},"modified":"2024-01-11T10:50:02","modified_gmt":"2024-01-11T05:20:02","slug":"govt-holds-back-600-million-plan-to-replenish-strategic-oil-reserves","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/govt-holds-back-600-million-plan-to-replenish-strategic-oil-reserves\/","title":{"rendered":"Govt holds back $600 million plan to replenish strategic oil reserves"},"content":{"rendered":"<p>India\u2019s finance ministry has scrapped a 50 billion rupee ($602 million) plan to top up the nation\u2019s strategic crude oil reserves, given market volatility and the prospect of a further decline in prices. <\/p>\n<p>Instead of buying at current levels \u2014 Brent crude has already slumped about a fifth from a September peak, and could fall further if supply remains plentiful \u2014 the ministry is asking state-owned Indian Strategic Petroleum Reserves Ltd. to lease out empty underground storage to refiners and global oil majors, according to people familiar with the matter. They asked not be named as the discussions aren\u2019t public.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s finance ministry has scrapped a 50 billion rupee ($602 million) plan to top up the nation\u2019s strategic crude oil reserves, given market volatility and the prospect of a further decline in prices. Instead of buying at current levels \u2014 Brent crude has already slumped about a fifth from a September peak, and could fall further if supply remains plentiful \u2014 the ministry is asking state-owned Indian Strategic Petroleum Reserves Ltd. to lease out empty underground storage to refiners and global oil majors, according to people familiar with the matter. They asked not be named as the discussions aren\u2019t public.<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,169],"tags":[],"class_list":["post-627621","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-oil-gas-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/627621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=627621"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/627621\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=627621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=627621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=627621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}