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The United States has clarified to India that tankers loaded with Russian oil have to discharge by Feb. 27 under the latest sanctions targeting Moscow's oil revenue, India's oil secretary Pankaj ...
India was able to resolve the crisis through policies that liberalised the economy. However, India continued to be impacted by the volatility of oil prices. In 1998, the Atal Bihari Vajpayee administration proposed building petroleum reserves as a long-term solution to managing the oil market. [9]
Russian state-owned oil firm Rosneft has signed a deal worth $13bn (£10bn) a year selling oil to Indian refiner Reliance in a blow to sanctions against Vladimir Putin’s government.. The 10-year ...
One of Biden’s top energy aides confirmed Friday that no extension of releases from the Strategic Petroleum Reserve - scheduled to end this fall - is in the offing. But added a promise that it ...
Strategic reserves are intended to be used to cover short-term supply disruptions. In 2004, approximately 4.1 billion barrels (650,000,000 m 3) of oil was held in strategic reserves by International Energy Agency member states, of which 1.4 billion is government-controlled and the remainder held by private industry. [1]
Because proven reserves include oil recoverable under current economic conditions, nations may see large increases in proven reserves when known, but previously uneconomic deposits become economic to develop. In this way, Canada's proven reserves increased suddenly in 2003 when the oil sands of Alberta were seen to
But critics have concerns that the depleted oil reserves could put the U.S. at risk, especially in a time of crisis, or if the global supply hits dangerously low levels.
As of 1 April 2021, India had estimated crude oil reserves of 587.335 Mt, decreasing by 2.65% from the previous year. The largest reserves are found in the Western Offshore (37%) and Assam (27%). The estimated reserves of natural gas in India as of 1 April 2021 was 1,372.62 BCM, increasing by 0.52% from the previous year.