India Expands Oil Storage Sites After Shock Supply Disruption

India’s state-owned Oil and Natural Gas Corporation (ONGC), the top explorer in the country, will build a new storage site at Mangaluru to hold about 13 million barrels of oil as the world’s third-largest crude oil importer looks to boost its resilience to supply shocks. In the wake of the Iran war and the disrupted crude flows at the Strait of Hormuz, India found itself in search of alternatives to replace the lost Middle Eastern supply. Record crude oil imports from Russia have helped cushion the blow, but India realized it needs…