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India intends to store its oil in the US

India intends to store its oil in the US
The Press Trust on Monday said, that India plans to store some of its oil reserves in the United States. We are talking about American storage facilities for strategic oil reserves, which are used not only for storage, but also for trading.

India lacks its own oil storage capacity, and the construction of storage facilities will be expensive, and it will take several years. At the same time, renting American tanks, according to one of the sources, will be cheaper. On the other hand, the Press Trust notes, storing oil in the US could harm India's energy security.

Indian Oil Minister Dharmendra Pradhan said in an interview with CNBC in May that the country is interested in the possibility of using American oil storage facilities. But even before that, Indian tanks were 95% full, and the Indians had to store oil on tankers at sea.

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