India may store crude oil in US’ strategic petroleum reserves
India is exploring the possibility of storing crude oil in the Strategic Petroleum Reserve of the US as part of its energy security strategy.
Such an arrangement, which was discussed at the second India-US strategic energy partnership ministerial on Friday, will help India, the world’s third-largest oil importer, to tackle emergency situations and help it tide over short-term supply disruptions.
“The sides signed a memorandum of understanding (MOU) to begin cooperation on Strategic Petroleum Reserves operation and maintenance, including exchange of information and best practices. They also discussed the possibility of India storing oil in the US Strategic Petroleum Reserve to increase their nation’s strategic oil stockpile,” the two countries said in a joint statement.
