India considers creation of strategic oil reserves

Jan 10, 2003 01:00 AM

India's Prime Minister, Atal Behari Vajpayee, says New Delhi is considering the creation of strategic oil reserves to counter disturbances in supplies of crude oil particularly due to tensions in the Middle East.
Mr Vajpayee said crude oil prices may shoot up if tensions in the Middle East rise, leading to a prolonged shortage of supplies on the world oil market. He said soaring price could adversely affect India's economy.

Mr Vajpayee said the "security of supplies had become one of the most important challenges that needs to be carefully addressed".
His remarks come against the backdrop of the possibility of a US-led invasion of Iraq, which has heightened concerns about a disruption in oil supplies.

Source: ABC
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