International

India has already built 5.33 million tons of underground reserves in three locations.

US oil production has more than doubled over the past decade.

China passed on U.S. crude for much of the second half of last year amid a series of tit-for-tat tariff measures.

Both countries agreed to continue coordinating steps on the global oil market in the OPEC+ format.

The formation of a new pipeline company would help reform the energy sector.

The shale revolution has made the US the world’s top oil producer and is reshaping the global oil market.

US plans to sell up to 6 million barrels of crude oil from the Strategic Petroleum Reserve in April.

The plan is set to be announced before the endof the year.

Cosmo Oil was among the first Japanese refiners along with Showa Shell. Fuji Oil to resume Iranian crude loadings in January.

Passenger vehicles represent 20 percent of the world’s oil demand.