Explainer: Why are India, other nations dipping into crude reserves?

What is a Strategic Petroleum Reserve? A strategic petroleum reserve is a giant crude oil storage facility to keep crude oil for emergency use. It could be for use, for example, during a war when excess crude might be required, or if the supply chains get choked due to some issue and imported crude oil is not able to reach India, or at times like now when crude prices are very high. Reserves are essentially a 'safety valve' against the pressures of a supply-side shock, though a side-benefit is to rent out space to other countries and make money. Typically,…