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Why is India leasing out its petroleum reserves?
Finshots Daily
The Importance of Strategic Petroleum Reserves
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The strategic petroleum reserves (SPRs) were established by Western Europe and the US as an alternative to OPEC's dominance in the oil market. By storing emergency stocks of oil, countries can stabilize oil prices during crises and reduce dependency on oil giants in the Middle East. Recently, India announced plans to build its first privately managed SPR by FY30, enhancing existing reserves at Mangaluru and Padur in Karnataka.
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