VOL. XLVII

No 03

19-January-2004

SUPPLY/DEMAND

India Plans Strategic Crude Oil Reserve

The Indian Cabinet decided on 7 January to establish a 5mn tons (36.6mn barrels) strategic crude oil reserve to provide an initial 15 days of cover for any disruption to crude oil deliveries due to international events. A special-purpose company will be set up to manage the reserve, which is expected to require a $350mn outlay on storage facilities two caverns near Mangalore and one near Vishakhapatnam,...