Centre may store crude in US caverns
India is looking to buy cheap oil from the US and store the crude there only as its own storages are brimming to capacity.
“We are exploring whether we can store some of our investment in a different country. We are looking at the US if we can store some of the low-priced oil,” oil minister Dharmendra Pradhan told a television channel.
The plan could be similar to the one of Australia, which last month said it would build up an emergency reserve in the US.
India has already filled up its 5.33 million tonnes (mt) of strategic storage and parked up to nine million tonnes on ships in different parts of the world.
