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ONGC Approves 1.75 Million Tonne Strategic Oil Reserve to Boost Energy Security

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India's state-owned oil giant ONGC has approved the creation of 1.75 million tonnes of strategic crude oil storage capacity. The move is aimed at strengthening India's energy security amid ongoing geopolitical tensions and volatile global oil markets. India is the world's third-largest crude oil importer and consumer, depending on imports for over 88 percent of its oil needs. Building strategic reserves is intended to buffer the country against potential supply disruptions or sudden price shocks in international markets.

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ONGC Approves 1.75 Million Tonne Strategic Oil Reserve to Boost Energy Security · ShortSingh