India building strategic oil reserves: ONGC approves 1.75-million-tonne storage capacity

India's decision to build strategic oil reserves underscores its effort to secure energy independence amid geopolitical tensions and volatile oil markets. The approval for a 1.75-million-tonne storage capacity by the Oil and Natural Gas Corporation (ONGC) is a major step in this direction. With over 88% of its crude oil needs met through imports, these reserves aim to buffer against supply disruptions and price spikes. This strategic move not only bolsters national security but also enhances India's ability to navigate future global energy challenges.