India makes first crude oil purchase for strategic reserve

India has bought the first oil for its strategic petroleum reserve (SPR), trade sources said on Monday, marking the start of a round of purchases by the world’s fourth-biggest oil consumer to build up emergency stockpiles.

Oil prices have almost halved in the past year due to excess global production, leaving traders looking for any signs of new demand to help absorb the surplus.

The sources said Indian Oil Corp (IOC) bought a 2 million barrel cargo of Iraqi crude from Chines ..

Reuters

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