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India Expects To Store Crude Oil In The US

India Expects To Store Crude Oil In The US

India plans to store some of its crude oil reserves in the United States, according to the Press Trust of India (PTI) Agency, citing government sources.

According to the Agency, renting strategic storage facilities to accommodate Indian oil will cost India significantly less than creating its strategic reserve storage facilities.

It is assumed that the oil stored in the United States can be used by the Indian side for its purposes and sale on the world market if world prices rise, but if they fall, the country will suffer losses.

According to the source, in this case, Indian energy security may suffer. New Delhi will not be able to get quick access to its resources in the US, their delivery will take one month.

On July 17, the White House signed a Memorandum of understanding with India, according to which the American side provides Indian know-how to create strategic oil reserves and lease underground oil storage tanks in the States of Texas and Louisiana.