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The United States and India signed a preliminary agreement on Friday on cooperating on emergency crude oil reserves, including the possibility of India storing oil in the U.S. emergency stockpile. The United States would like to begin the process of sharing with India the establishment of a SPR and then see how the U.S. SPR, comprised of underground caverns in Texas and Louisiana, could help India store oil there.
Energy researcher, IHS Markit has forecasted a huge crude oil storage crunch in the coming time, with the situation close to becoming a reality in as little as three months. The consultant said that current rates of supply and demand indicate an increase in inventories by 1.8 billion barrels over the first half of 2020. There are only an estimated 1.6 billion barrels in storage capacity currently available.
Speaking at the Nigerian Oil and Gas Conference, the Group MD of the Nigerian National Petroleum Corporation (NNPC) confirmed that country’s crude oil reserve will be improved by a billion barrel annually. Issuance of an updated Petroleum Industry Governance Bill by the Government will help the institutions to have clarity on their role in the industry. Gas availability will increase to about five billion scf/d by 2020.
In a recent Saudi geological study, the existence of the richest oil reserve in the world at a geographical spot in Saudi Arabia has been unveiled, according to Professor Abdul Aziz bin Laboun, a former oil adviser at Aramco. Oil reserves in this spot are estimated to be around 440 billion barrels. This is a tremendously high figure for a narrow geographical spot.