Arthanomics Vittarth

Strategic Petroleum Reserves

After the Opec (Organization of Petroleum Exporting Countries) ignored New Delhi’s demand for higher supplies to cool foreign crude prices, India is now looking for new ways to reduce its reliance on Middle Eastern oil.
To bolster the change, the country is choosing a new address to meet its oil demand.
In this Analysis, we have discussed what are the strategic petroleum reserves (SPR), India’s current situation, the need for increasing reserves, and finally, dig deeper to find out the strategies to reduce the import dependence of crude oil on the Middle East countries.
Read all about it in our post.

Credits: Shivam Kumar , Vedant Kulkarni

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