This article is from the source 'rtcom' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.rt.com/business/530529-india-china-oil-reserves-prices/
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| India may join China in bid to lower oil prices | India may join China in bid to lower oil prices |
| (30 days later) | |
| The world’s third-largest crude oil importer, India, could join China in tapping into its strategic petroleum reserve in a bid to sell lower-priced crude to its refiners amid rallying international oil prices. | The world’s third-largest crude oil importer, India, could join China in tapping into its strategic petroleum reserve in a bid to sell lower-priced crude to its refiners amid rallying international oil prices. |
| India is reportedly considering selling half of its SPR to attract private participation in expanding its strategic storage capacity, government sources told Reuters last week. | India is reportedly considering selling half of its SPR to attract private participation in expanding its strategic storage capacity, government sources told Reuters last week. |
| The sale of crude from reserves could also be a move from one of the importers most sensitive to price hikes to reduce the price of crude for its refiners, Reuters columnist Clyde Russell says. India’s SPR currently holds around 36.5 million barrels of crude oil. | The sale of crude from reserves could also be a move from one of the importers most sensitive to price hikes to reduce the price of crude for its refiners, Reuters columnist Clyde Russell says. India’s SPR currently holds around 36.5 million barrels of crude oil. |
| India has been the most vocal critic of the OPEC+ production reduction pact this year, saying that it does not support “artificial cuts to keep the price going up.” On several occasions, India’s top officials have criticized OPEC+ for keeping the market tight and prices high and have expressed concern that the higher crude and fuel prices in India would slow down the economic and oil demand recovery. | India has been the most vocal critic of the OPEC+ production reduction pact this year, saying that it does not support “artificial cuts to keep the price going up.” On several occasions, India’s top officials have criticized OPEC+ for keeping the market tight and prices high and have expressed concern that the higher crude and fuel prices in India would slow down the economic and oil demand recovery. |
| India’s move to commercialize half of its SPR is primarily aimed at raising financing for additional SPR storage, but it could also ensure cheaper oil from storage to Indian refiners, according to Reuters’ Russell. | India’s move to commercialize half of its SPR is primarily aimed at raising financing for additional SPR storage, but it could also ensure cheaper oil from storage to Indian refiners, according to Reuters’ Russell. |
| Last week, reports emerged that the world’s top oil importer, China, is looking to tap its crude reserves. | Last week, reports emerged that the world’s top oil importer, China, is looking to tap its crude reserves. |
| China has started to release more than 20 million barrels of crude oil from its strategic reserve in a move seen as seeking to curb the recent oil price rally, Energy Intelligence reported last week, quoting trading sources. The reported release from the strategic petroleum reserve is also aimed at putting inflation under control. | China has started to release more than 20 million barrels of crude oil from its strategic reserve in a move seen as seeking to curb the recent oil price rally, Energy Intelligence reported last week, quoting trading sources. The reported release from the strategic petroleum reserve is also aimed at putting inflation under control. |
| Various market and trade sources told Energy Intelligence that China was about to release the equivalent of between 22 million barrels and over 29 million barrels, or between 3 million and 4 million tons. | Various market and trade sources told Energy Intelligence that China was about to release the equivalent of between 22 million barrels and over 29 million barrels, or between 3 million and 4 million tons. |
| This article was originally published on Oilprice.com | This article was originally published on Oilprice.com |
| Dear readers and commenters, | |
| We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system. | |
| Sorry for the inconvenience, and looking forward to your future comments, | |
| RT Team. |