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.
After last year's oil price crash, caused by a collapse in demand triggered by the COVID-19 pandemic, prices have rallied strongly.
The two state-refiners, however, will buy oil from the ISPRL at a discount to the official selling price set by the producer countries. So far, the ISPRL has started to sell about 5.5 million barrels of Upper Zakum oil from the UAE, which is stored in its Mangalore cavern, to MRPL.
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