India plans to completely fill its strategic petroleum reserve (SPR) by the third week of May by moving about 19 million barrels into the sites by then, the managing director of the country's SPR said on Tuesday.
). The refiners cut their crude processing after local fuel demand collapsed and are unable to store the excess oil themselves.
ISPRL wants to receive the cargoes before India’s monsoon begins in May as the single point mooring system that can unload very large crude carriers at the port of Mangalore, which will feed two SPR sites, is shut during the three-month rainy season. “We are taking advantage of low oil prices,” he said, adding most of these cargoes are linked to official selling prices for April.
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