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Article content LAUNCESTON India’s move to commercialize its strategic crude oil reserves is another sign that major Asian importers are taking steps to mitigate the high prices caused by the OPEC+ group’s output cuts. India, the second-biggest crude importer in Asia behind China, aims to commercialize half of its strategic petroleum reserve (SPR), Reuters reported on July 22 citing two government sources with knowledge of the plan. We apologize, but this video has failed to load. Try refreshing your browser, or India joins trend to use strategic crude reserves to offset high oil prices: Russell Back to video While the commercialisation of the SPR, currently home to about 36.5 million barrels of crude or about 5 million tonnes, is aimed at raising funds to build more storage tanks, it also allows refiners to access cheaper oil from storage when prices are high and buy it back when prices fall again.

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