India may dip into its strategic oil reserves stored in underground caverns at Mangaluru, Paddur (near Udupi) and Visakhapatnam, after the drone strikes on Saudi Arabian Oil Co or Saudi Aramco’s facility over the weekend sent shock waves across global oil markets, hitting supplies.
The attacks affected half of the Kingdom’s oil exports or about 5 per cent of the global supply and bringing the entire production back on stream could take weeks.
“The strategic reserves are available to us to utilise except for the portion reserved for the Abu Dhabi National Oil Company,” a top official at one of the state-run oil companies said.
This story is from the September 17, 2019 edition of The Hindu Business Line.
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This story is from the September 17, 2019 edition of The Hindu Business Line.
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