India starts selling oil from strategic reserves after policy shift: Report

India has started selling oil from its strategic petroleum reserve to state-run refiners. Here's all you need to know.

India has begun selling oil from its Strategic Petroleum Reserve (SPR) to state-run refiners as it implements a new policy to commercialise its federal storage by leasing out space, three sources familiar with the matter said. Reuters reported last month that India had changed its policy to allow the Indian Strategic Petroleum Reserves Ltd (ISPRL), which manages the federal oil inventories, to lease 30% of its overall 37 million barrels capacity to Indian and foreign companies.