India’s ONGC plans to build up a strategic national reserve of crude totalling 1.75 million tons, or 12.8 million barrels. The company would also ask the government to allow the commercial use of the stockpile, Reuters reported. India currently has a national crude oil reserve of 5.33 million tons, which is equal to about 39 million barrels, in three locations in the southern part of the country. The sites are managed by a government-owned entity, Indian Strategic Petroleum Reserves Ltd. The maximum reserve capacity can cover only eight days…

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.