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Asian crude importers dip in to strategic reserves as oil prices bite

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Listen: Asian crude importers dip in to strategic reserves as oil prices bite

  • Featuring
  • Sambit Mohanty    Paul Sheldon    Calvin Lee
  • Commodity
  • Energy Oil
  • Length
  • 23:01
  • Topic
  • Coronavirus and Commodities Energy Transition OPEC+ Oil Output Cuts US Policy US-Iran tensions

In a shift of strategy to battle surging oil prices, Asia's leading oil consumers India and China have started selling crude oil from their strategic reserves for the first time ever, a sign that import-dependent countries in the region are opening up to the idea of using oil reserves not only at times of geopolitical uncertainty and supply risk, but also as a cushion to ward off financial risk.

Beijing held its first state auctions in September, while Indian Strategic Petroleum Reserves has also started selling crude oil to state refiners.

In a wide-ranging discussion with S&P Global Platts Asia Energy Editor Sambit Mohanty, Asia Head of Content Calvin Lee, and Platts Analytics Chief Geopolitical Advisor Paul Sheldon share their insights on how Asian oil importers are working towards balancing rewards with risk, as well as the implications of those decisions on global oil markets.

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