PS: This comes just two weeks after UAE left OPEC and OPEC+
neotheseventh on
Thank you, UAE. I guess?
KingBilado on
India strengthening its strategic petroleum reserves with UAE participation is a big geopolitical and energy-security move. It shows how countries are increasingly using long-term storage partnerships to stabilize supply chains and hedge against global oil shocks.
WeakBlueberry5071 on
1.65 billion gallons of oil, yields approximately
780 million gallons of gasoline, profits approximately
How much per gallon?
Edit: Don’t know where 33 million came from.
haseen-sapne on
A country as big as India is doing 30 million barrels deal?
I mean, comeon. It’s literally a few days worth of supply at max.
What is the news?
chaluJhoota on
Is this for the future? Because right now moving that oil to Indian storage is going to face slight inconvenience
meow29_14 on
This is really good for both sides.
India gets the first priority to use reserved oil…. without spending money to build oil storage units.
UAE has a growing economy fixed buyer (India consumes 5M barrels/day), storage outside UAE specially in Asia.
neotheseventh on
While this is definitely good, we should be building much bigger reserves at home. China has strategic reserves close to a billion barrels, yes, a billion. And their population is now lesser than ours. Our reserves are nowhere close. This war should be a lesson for us to prioritize and speed up those.
9 Comments
PS: This comes just two weeks after UAE left OPEC and OPEC+
Thank you, UAE. I guess?
India strengthening its strategic petroleum reserves with UAE participation is a big geopolitical and energy-security move. It shows how countries are increasingly using long-term storage partnerships to stabilize supply chains and hedge against global oil shocks.
1.65 billion gallons of oil, yields approximately
780 million gallons of gasoline, profits approximately
How much per gallon?
Edit: Don’t know where 33 million came from.
A country as big as India is doing 30 million barrels deal?
I mean, comeon. It’s literally a few days worth of supply at max.
What is the news?
Is this for the future? Because right now moving that oil to Indian storage is going to face slight inconvenience
This is really good for both sides.
India gets the first priority to use reserved oil…. without spending money to build oil storage units.
UAE has a growing economy fixed buyer (India consumes 5M barrels/day), storage outside UAE specially in Asia.
While this is definitely good, we should be building much bigger reserves at home. China has strategic reserves close to a billion barrels, yes, a billion. And their population is now lesser than ours. Our reserves are nowhere close. This war should be a lesson for us to prioritize and speed up those.
2 nazi countries being friendly