MUMBAI – India’s oil demand continues to rise, even as world crude prices hover near $50 a barrel. With global politics and economics causing uncertainty, the rules of the oil game here are changing both for supply and distribution. In response to the crisis, India is building up a crude reserve of 148 million barrels, equivalent to 60 days’ consumption. The state-owned Indian Oil Co. has set up a wholly owned subsidiary, Indian Strategic Petroleum Reserves Ltd. (IRPS), to accommodate the ...
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