India's strategic oil reserves unlikely to stir market

Singapore

INDIA'S initial plan to build up its strategic petroleum reserves (SPR) is not shaping out to be the dramatic event that some in the market had hoped could help reignite global oil demand.

While New Delhi has not shown its full hand in revealing its intentions, the first reports that SPR might provide 90 days of net import coverage had stoked industry hopes of an important new pillar of oil demand.

Indications now, however, are for much less than this: shipping brokers say it's possible the entire initial SPR buildup in the world's third-biggest …