India building strategic oil reserves: ONGC approves 1.75-million-tonne storage capacity

 As the world’s third-largest importer and consumer of crude oil, India relies on imports for more than 88 per cent of its crude oil requirements. Against the backdrop of geopolitical uncertainty and fluctuations in global oil markets. As the world’s third-largest importer and consumer of crude oil, India relies on imports for more than 88 per cent of its crude oil requirements. Against the backdrop of geopolitical uncertainty and fluctuations in global oil markets.