{"id":87064,"date":"2026-03-11T00:00:00","date_gmt":"2026-03-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/mena-india\/?p=87064"},"modified":"2026-03-11T09:52:00","modified_gmt":"2026-03-11T09:52:00","slug":"this-afternoon-india-keeps-strategic-crude-stocks-untouched","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/mena-india\/2026\/03\/11\/this-afternoon-india-keeps-strategic-crude-stocks-untouched\/","title":{"rendered":"THIS AFTERNOON: India keeps strategic crude stocks untouched"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good<\/strong><strong> afternoon, readers.<\/strong> The war in the Middle East is triggering a significant recalibration in India\u2019s energy markets as the Indian government invokes emergency powers to cut gas supplies to industrial customers. On the oil front, India is so far benefiting from a US sanctions waiver, with refiners scooping up 30 mn barrels of Russian crude.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Plus:<\/strong> India\u2019s foreign minister has called for de-escalation in the conflict as the fallout from the war starts to impact the economic outlook.<\/p>\n<p class=\"tag-border-left\">Watch this space <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>OIL WATCH \u2014 <\/strong><strong>India<\/strong><strong> has reportedly rejected the International Energy Agency (IEA) <\/strong><strong>proposal to release its 5.3 mn strategic oil reserves to the global oil market <\/strong>amid a steep hike in crude oil prices and supply disruptions in the GCC, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/india-not-planning-release-oil-coordination-with-iea-source-says-2026-03-09\/\" style=\"\">Reuters<\/a> reports, citing government sources. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not our problem:<\/strong> The Indian government maintains that the crisis driving up prices is not their creation, insisting that the responsible parties must resolve the issue and bring costs down, government sources told <a target=\"_blank\" href=\"https:\/\/timesofindia.indiatimes.com\/business\/india-business\/india-rules-out-releasing-strategic-oil-reserves-after-iea-calls-to-cool-prices\/articleshow\/129342305.cms\" style=\"\">Times of India<\/a>. The government is likely to hold firm to its \u201cIndia first policy,\u201d the daily adds. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> G7 finance ministers and the IEA held an emergency meeting this week to discuss a massive and coordinated release of strategic oil reserves, according to <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-03-09\/g-7-to-discuss-joint-emergency-oil-reserves-release-ft-says\" style=\"\">Bloomberg<\/a>. India is not a member of the IEA and has no treaty obligations to release its reserves in coordination with the international community. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>CAPITAL MARKETS \u2014<\/strong><strong>ICICI<\/strong><strong> Asset Manager bridges India-GCC capital flows: <\/strong>ICICI Prudential Asset Management, one of India\u2019s largest asset managers, rolled out its new office in Dubai International Financial Center (DIFC), targeting institutional and wealth investors across the GCC and Africa, according to <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.ae\/en\/news\/2026\/march\/10-03\/icici-prudential-asset-management-company-limited-inaugurates-its-difc-branch\" style=\"\">Dubai Media Office<\/a>. The new base will act as a hub for family offices, wealth funds, and private banks seeking exposure to Indian equities, fixed income, and multi-asset investments. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- <\/strong>The Middle East has been emerging as a hot investment base for India, bolstered by a raft of agreements inked <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/01\/20\/uae-india-agreement-blitz\/\" style=\"\">earlier this year<\/a>. The Abu Dhabi Investment Authority bought an undisclosed stake in ICICI Prudential Asset Management <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/12\/12\/indian-tech-firm-cyient-acquires-abu-dhabi-tech-consulting-firm-in-a-push-into-the-region-plus-adia-backs-icici-prudential\/\" style=\"\">at the end of last year<\/a> as part of a pre-IPO placement.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a> <strong>I<\/strong><strong>T <\/strong><strong>SERVICES<\/strong><strong> \u2014<\/strong> <strong>India\u2019s technology industry body is<\/strong><strong> urging companies to ramp up operational preparedness<\/strong> <strong>and cybersecurity <\/strong>as war escalates in the Middle East, as per an <a target=\"_blank\" href=\"https:\/\/d3r3sr3o54kk15.cloudfront.net\/s3fs-public\/media_pdf\/Strengthening%20Operational%20and%20Cyber%20Resilience%20Amid%20Evolving%20Middle%20East%20Situation_Final.pdf\" style=\"\">advisory<\/a> by the National Association of Software and Service Companies (Nasscom). Business operations remain stable for now but there are risks of \u201csector-wide\u201d disruption, cyber intrusions, and disinformation campaigns due to geopolitical uncertainty, Nasscom said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong>Vulnerabilities in third-party vendors with Middle East exposure could trigger disruptions in the wider tech ecosystem, Nasscom warns, as Indian IT firms are vital to the Gulf economy. A breach could hurt service providers but also halt the execution of major projects and banking operations in the UAE and Saudi Arabia. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Sign of the times<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt4\"><\/a> <strong>INVESTMENT <\/strong><strong>WATCH<\/strong><strong> \u2014<\/strong><strong>India<\/strong><strong> has eased foreign direct<\/strong><strong> investment rules for countries sharing its land borders<\/strong>, the <a target=\"_blank\" href=\"https:\/\/www.pib.gov.in\/PressReleasePage.aspx?PRID=2237806&reg=3&lang=2\" style=\"\">Press Information Bureau<\/a> said. The rule previously mandated government approval for any investment from neighbouring nations, primarily aimed at China.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- <\/strong>India introduced the curbs after <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/17\/morning-beijing-demands-fdi-reciprocity-as-indias-rare-earth-squeeze-continues\/\" style=\"\">the 2020 border clash with China<\/a>, which triggered a broader tightening of economic ties including bans on more than 200 Chinese mobile apps and heightened scrutiny of Chinese capital. Since 2020, capital flows from China essentially froze as hundreds of applications <a target=\"_blank\" href=\"https:\/\/economictimes.indiatimes.com\/news\/economy\/policy\/chinese-companies-may-be-permitted-to-dilute-stakes-in-jvs-with-indian-partners\/articleshow\/110583169.cms?from=mdr\" style=\"\">languished<\/a><a target=\"_blank\" href=\"https:\/\/economictimes.indiatimes.com\/news\/economy\/policy\/chinese-companies-may-be-permitted-to-dilute-stakes-in-jvs-with-indian-partners\/articleshow\/110583169.cms?from=mdr\" style=\"\"><\/a> without resolution or were rejected.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s changed: <\/strong>The revised policy allows non-controlling investments up to 10% from land-bordering countries without government approval, subject to disclosure. Larger investments in key manufacturing sectors like electronic components, capital goods, and solar cells will be fast-tracked within 60 days if the majority shareholding and control remains with Indian citizens or entities at all times.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong>The easing is a tentative economic recalibration by New Delhi as it balances national security concerns with the need to attract capital and sustain industrial supply chains tied to Chinese manufacturing ecosystems. Critical sectors like EVs, electronics, and pharma, where India is heavily dependent on Chinese components, could likely see more interest through joint ventures and direct investment.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***YOU\u2019RE READING EnterpriseAM MENA <> India, your C-suite briefing on the movement of trade, investment, people, and ideas along one of the world\u2019s most exciting corridors. Every Monday, Wednesday, and Friday at 2:30 pm UAE, we dive deep into the business, finance, economy, and policy headlines and trendlines that will move markets and set the tone for your day. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this briefing? <\/strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/newsletters\/\" style=\"\">Tap or click here to sign up without charge for your own<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/newsletters\/\" style=\"\">copy.<\/a> ***<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Data point<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>8.2% \u2014 <\/strong><strong>That<\/strong><strong> is India\u2019s share in the total amount of global arms imports<\/strong>, making it the world\u2019s second-largest arms importer in 2021-25, as per a report by the <a target=\"_blank\" href=\"https:\/\/www.sipri.org\/media\/press-release\/2026\/global-arms-flows-jump-nearly-10-cent-european-demand-soars\" style=\"\">Stockholm International Peace Research Institute<\/a>. Imports were driven by security tensions with China and Pakistan, though the country\u2019s overall arms purchases declined 4% compared to 2016-20.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Supplier shift:<\/strong> Russia remained India\u2019s largest supplier, but its share fell sharply from 70% in 2011-15 to 40% in 2021-25, reflecting New Delhi\u2019s gradual pivot toward Western partners such as France, Israel, and the US, alongside a push for indigenous defence manufacturing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> The big story abroad<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s another morning with the front pages all about the US and Israel\u2019s continued <\/strong><strong>campaign against Iran<\/strong>, which <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/2026\/mar\/10\/tehran-strikes-mixed-us-messages\" style=\"\">saw the most intense night of aerial bombardment<\/a> on Tuesday. Earlier today, Iran <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/iran-says-oil-blockade-will-continue-until-attacks-end-trump-threatens-hit-2026-03-10\/\" style=\"\">retaliated<\/a> by launching attacks on central Israel and US military sites in Bahrain.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That said, Washington urged Israel not to launch further strikes on Iranian energy <\/strong><strong>facilities<\/strong>, especially oil infrastructure, three unnamed sources told <a target=\"_blank\" href=\"https:\/\/www.axios.com\/2026\/03\/10\/iran-oil-israel-strikes-trump\" style=\"\">Axios<\/a>. The Trump administration reportedly argued that such attacks would harm the Iranian public and jeopardize future US cooperation with Iran\u2019s oil sector post-conflict. Washington also cautioned that these strikes could provoke retaliatory strikes against Gulf allies and their own energy sites.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile on Wall Street: <\/strong>Microsoft has <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/4efa382a-3c77-4515-bb0f-ab5f0450037e\" style=\"\">cemented its support<\/a> for Anthropic\u2019s lawsuit against the Pentagon, arguing that moves to punish the AI startup would be detrimental to the broader US tech scene. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> Market watch<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CURRENCY\u2014 Aggressive intervention:<\/strong> The Reserve Bank of India (RBI) is rapidly expanding its intervention across both currency and bond markets as rising oil prices could push inflation, widen the trade deficit, and put government revenues under stress, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-03-10\/india-s-rbi-steps-up-support-for-rupee-bonds-as-oil-tops-100?srnd=phx-india-v2\" style=\"\">Bloomberg<\/a> reports, citing analysts and traders.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Burning bns: <\/strong>Late Friday, the RBI announced a USD 10.9 bn open market bond purchase for this month to replenish liquidity and cap borrowing costs. This follows an estimated USD 18 bn to USD 20 bn the central bank sold in forex markets last week to prop up the sliding INR, analysts told Bloomberg. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The INR\u2019s Slide: <\/strong>The geopolitical crisis has pushed the INR to record lows, breaching 92 to the dollar. Despite holding record foreign exchange reserves of USD 728.5 bn at the end of February, the RBI is being forced into a delicate balancing act to steady the currency without depleting its war chest.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zoom out:<\/strong> Don't expect a relentless defense of the currency at any cost, as the central bank is likely to conserve its forex reserves given the uncertainty over how long the war will last. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> Circle your calendar<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: ICICI Prudential AMC opens Dubai base to target GCC wealth<\/p>\n","protected":false},"author":1,"featured_media":87065,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2403],"tags":[2402,2505,2838,2793,2771,2401],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam-india","tag-fdi","tag-icici-prudential","tag-india-china-2","tag-oil-gas","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"23bca590-e22d-4596-9789-52ef92b66f7b","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2026\/3\/637.jpg","photo_position":"above","homepage_title":"","full_issue_title":"India declines IEA call to tap strategic oil reserves","related_issue":[87062],"teaser":"Plus: ICICI Prudential AMC opens Dubai base to target GCC wealth"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS AFTERNOON: India keeps strategic crude stocks untouched - MENA India Corridors<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/03\/11\/this-afternoon-india-keeps-strategic-crude-stocks-untouched\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS AFTERNOON: India keeps strategic crude stocks untouched\" \/>\n<meta property=\"og:description\" content=\"Plus: ICICI Prudential AMC opens Dubai base to target 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