India Boosts Oil Resilience with New 13M Barrel Storage Site

India's state-owned ONGC will construct a significant new oil storage facility in Mangaluru, capable of holding approximately 13 million barrels. This strategic move aims to bolster the nation's energy security following past supply disruptions, such as those experienced during the Iran war and Strait of Hormuz crude flow issues. While record Russian imports have helped, India seeks greater independence from future shocks. This long-term strategic reserve build could contribute to global oil market stability, indirectly influencing Pakistan's import costs and the USD/PKR exchange rate over time.

بحوالہ / Source: oilprice.com