Govt holds back $600 million strategic oil reserve top-up
Wednesday, 10 January 2024 India's finance ministry cancels plan to top up strategic crude oil reserves due to market volatility and potential further decline in prices. Instead, the ministry is considering leasing out empty underground storage to refiners and global oil majors, as the country has limited oil storage capacity. The decision aligns with New Delhi's goal of reducing fiscal deficit, but refiners have shown limited interest. Empty storage caverns at Visakhapatnam and Mangalore are available for lease. India keeps its strategic oil stockpiles at three sites.
Iran has seized the exact cargo ship seized by the United States last year, raising the stakes in the Middle Eastern tinderbox. The US seized the ship and confiscated the million barrels of Iranian oil as a punishment for violation of US sanctions. Now the Iranians are likely to "get their...
UN Says Global Food Prices , for Many Staples , Fell in 2023.
On January 5, the U.N. Food and
Agriculture Organization reported that
global prices for some commodities fell
last year from record..
Credit: Wibbitz Top Stories Duration: 01:31Published
Wednesday, 10 January 2024
![UN Says Global Food Prices for Many Staples Fell in 2023 [Video]](https://video.newsserve.net/300/v/20240105/1363231859-UN-Says-Global-Food-Prices-for-Many-Staples.jpg)
