Middle East woes may prompt India to expedite SPR leasing, expansion

摘要

Singapore-Escalating tensions around the key Middle Eastern oil route may prompt India to expedite plans to expand its strategic reserves in an effort to ensure supply security and cushion the impact of any disruption to cargo flows. With the bulk of India’s oil imports coming from the Middle East, a series of events around the Strait of Hormuz has set off alarm bells, leading analysts and government officials to say there is an urgent need to seal more deals to lease SPR storage facilities and build capacity.