JSW Steel rises 2% on gas supply worries HSBC raises Tata Steel target to ₹250 British Steel to supply 120,000 mt billet to Nigeria ₹3,200 crore Tata Steel EAF starts in Ludhiana
India has deferred a ₹50 billion ($601.78 million) plan to fill parts of its strategic petroleum reserve, keeping in mind emerging trends in oil markets, the finance ministry said on Saturday.
In the federal budget for 2023-24, the government had outlined a plan to purchase crude oil worth ₹50 billion for caverns in the southern cities of Mangalore and Visakhapatnam.
India, the world's third-biggest oil importer and consumer, imports over 80% of its oil needs and has built strategic storage at three locations in southern India to store over 5 million tonnes of oil to protect against supply disruptions.
Also Read : India to Challenge EU's Carbon Border Adjustment at WTO as Steel Emissions Grow Global oil demand to grow by 1.9 Mn bpd in 2024
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