Asian crude importers dip into strategic reserves as oil prices bite

<p style="margin: 0in; font-family: Calibri; font-size: 11.0pt;">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.</p> <p style="margin: 0in; font-family: Calibri; font-size: 11.0pt;">  </p> <p style="margin: 0in; font-family: Calibri; font-size: 11.0pt;"> Beijing held its <a title= "ANALYSIS: China storage, demand complicate oil market rebalancing" href= "https://www.spglobal.com/platts/en/market-insights/latest-news/oil/021521-analysis-china-storage-demand-complicate-oil-market-rebalancing"> first state auctions</a> in September, while Indian Strategic Petroleum Reserves has also <a title= "ANALYSIS: India's maiden SPR oil sale to soften price blow, draw leasing interest" href= "https://www.spglobal.com/platts/en/market-insights/latest-news/oil/100621-indias-maiden-spr-oil-sale-to-soften-price-blow-draw-leasing-interest"> started selling crude oil</a> to state refiners.</p> <p style="margin: 0in; font-family: Calibri; font-size: 11.0pt;">  </p> <p style="margin: 0in; font-family: Calibri; font-size: 11.0pt;">In a wide-ranging discussion with S&P Global Platts Asia Energy Editor <span style="font-weight: bold;">Sambit Mohanty</span>, Asia Head of Content  <span style="font-weight: bold;">Calvin Lee</span>, and Platts Analytics Chief Geopolitical Advisor <span style="font-weight: bold;">Paul Sheldon</span> 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.</p>