Reuters report

Reuters report

India has begun selling off its strategic petroleum reserve to local refiners as it shifts to a policy of leasing out space in its national storage system, according to a Reuters report.

The nation has a relatively-modest 37 million barrels of storage capacity and will now lease out 30% of that. They're gradually releasing 8 million barrels to create space to lease.

India consumes nearly 5 million barrels per day of oil.

The report says India plans to sell about 5.5 million barrels from oil in its Magalore cavern as it clears out the facility to store a different grade of crude later.

This report was out a few hours ago and isn't impacting oil. The overall numbers here are small in a world market that's back to consuming nearly 100m barrels per day.