India has started selling crude from its strategic oil reserve in a bid to monetize the assets by leasing out space in them to oil companies, Reuters reported, citing unnamed sources. An earlier report by Reuters said that the entity managing the country’s strategic petroleum reserve was allowed to lease out 30 percent of its capacity to both local and foreign companies by a change of policy.
The strategic reserve’s capacity is some 37 million barrels. Yet the strategic reserve is currently full because of the record low prices last…India Taps Into Strategic Oil Reserve: Report
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