• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 8 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Does Toyota Know Something That We Don’t?
  • 6 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 days America should go after China but it should be done in a wise way.
  • 6 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 5 days China is using Chinese Names of Cities on their Border with Russia.
  • 6 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 5 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 6 days Putin and Xi Bet on the Global South
  • 6 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 7 days United States LNG Exports Reach Third Place
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs

India Could Store Some Of Its Crude In The U.S.

India may store some of its crude oil in the United States, the Hindustan Times reports, citing unnamed sources in the know.

“The proposal to store oil in the US is still at an initial stage. It may be discussed at the second ministerial meeting of the India and US Strategic Energy Partnership (SEP) between Indian petroleum minister Dharmendra Pradhan and the US energy secretary Dan Brouillette on Friday,” one of the sources told the news outlet.

India, the world’s third-largest oil consumer, imports more than 80 percent of the crude oil it processes and consumes. Like the rest of the world, the country’s fuel demand was affected adversely by the coronavirus outbreak and analysts have warned it may take longer to recover than could be hoped for.

At the same time, India has limited oil storage capacity and it got filled quickly amid the crisis, with at least three Indian refiners asking for lower deliveries of crude from the Middle East in May as there was nowhere to store it. Total imports in May dropped to the lowest in more than eight years, Reuters reported last month, at 3.18 million bpd.

As a result, some refiners declared force majeure on imports and others sold surplus oil cargos to the Indian government for its strategic petroleum reserve.

Sufficient oil reserves in storage are crucial for the country’s energy security, and the quickest way to amass it is to use a partner’s storage facilities. The United States has emerged as an important partner in energy, especially after the sanctions that Washington imposed on Iran, forcing India—one of Iran’s largest clients—to seek oil elsewhere and find it in the U.S.

Although India still imports most of its oil from Middle Eastern producers including Saudi Arabia, Iraq, and Nigeria, in just two years the U.S. has become one of the top ten oil suppliers of the Asian economy.

By Charles Kennedy for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News