India, rattled by the situation in Iran, has directly increased its strategic petroleum reserves by 1.75 million tons, putting an increasingly heavy emphasis on energy security.

CoinWorld news: India's state-owned Oil and Natural Gas Corporation (ONGC) has approved an expansion of the country's strategic petroleum reserves, highlighting efforts to bolster energy resilience following the shock of the Iran war. According to a document, the board of India's largest oil and gas producer has approved the addition of 1.75 million tons of national crude oil storage capacity in Mangalore, Karnataka. Specific costs and timelines have not yet been announced. Upon completion, the project will increase the reserves managed by Indian Strategic Petroleum Reserves Limited. The company currently has underground storage facilities at three locations on the east and west coasts, with a total capacity of 5.33 million tons. Additionally, two new sites are under construction, set to add 6.5 million tons of storage space. ONGC stated in the Friday filing that the project is of "national importance" and that supporting facilities will be developed as per the directives of the Ministry of Petroleum and Natural Gas.