India is halting a plan to spend as much as $600 million, or 50 billion Indian rupees, on topping up its strategic crude reserve amid volatile prices as the government looks to reduce the country’s fiscal deficit, sources with knowledge of the matter told Bloomberg on Wednesday. India has also opted to stay away from purchases for its strategic petroleum reserve in view of the possibility of further declines in oil prices amid a bearish outlook on oil fundamentals in the early months of 2024. India’s government has thus…
