Strategic Oil & Petroleum Reserves

[Aussiejeff]

Feb. 10 (Bloomberg) -- India will complete building its first crude oil storage terminal by the middle of next year as it seeks to insulate the country against price fluctuations and ensure fuel supplies.

The tank at Visakhapatnam on the east coast will have a capacity of 1.33 million metric tons, Oil Secretary S. Sundareshan said in an interview at his office in New Delhi. The nation’s storage capacity will rise to 5 million tons when two more terminals are built at Mangalore on the west coast by 2012, he said yesterday. That’s equal to two weeks of current imports.

India, which imports 77 percent of its oil needs, is emulating programs in the U.S., Japan and China to build an emergency stockpile. Crude declined from a record $147.27 a barrel in July 2008 as demand fell following the worst global recession since the World War II. Prices have gained 86 percent in the past year as economies recover.

“Given the volatility in crude prices, the storage terminals are intended as a buffer for the economy,” said Dharmakirti Joshi, an economist at Mumbai-based Crisil Ltd., the local unit of Standard & Poor’s. “This should ideally have been done when oil prices were at their lows.”

http://www.bloomberg.com/apps/news?pid=20601087&sid=aOSf7xl0rQt0&pos=7

Last I looked, Australia has a joint oil & petroleum strategic reserve that covers only 10 days use. Totally pathetic. Next to New Zealand we are one of the lowest in the developed world. Even Ireland has 100 days (approx). For an isolated island nation, I think this is pretty damn dumb!

See here how badly Australia rates against other countries... oh, she'll be right mate!! http://en.wikipedia.org/wiki/Global_strategic_petroleum_reserves

Go figure.

 

[Timmy]

Last I looked,

Your figures are from 2004.

From the article you are relying on:

THE federal Government is reviewing its powers to protect people from a major disruption to oil imports, as crude prices soar towards $US50 a barrel.

My bolding. $50, eh?

John Howard said yesterday that he was acutely aware of the impact of higher petrol prices on the community but that the federal Government could nothing to reduce them.

"I do understand this. I have children who buy a lot of petrol and everybody's talking to me about it, and I am acutely aware of how painful this is," the Prime Minister said.

But its OK, Jeff. I used to have a slow internet too.

http://www.energybulletin.net/node/1691

 

[Aussiejeff]

Your figures are from 2004.

From the article you are relying on:

My bolding. $50, eh?



But its OK, Jeff. I used to have a slow internet too.

http://www.energybulletin.net/node/1691

Awww, shuckz! Yer meanz Wikipeddlar is NOT UP TO DATE??? Hot damn!



PS - Thx for the hedz up.

PPS - Can you supply 2010 situation?

PPPS - I'm lazy.....

 

[Timmy]

Just havin' a laugh.

No, can't seem to find recent figures.