India may soon follow in Australia’s footstep with plans to store crude oil within the US Strategic Petroleum Reserve (SPR). The country’s minister of petroleum and natural gas Dharmendra Pradhan said that government is exploring the possibility of investing in the US to store crude oil.
Pradhan said that India has taken advantage of lower crude prices and has created reserves and stored 38–40 million mt of crude oil which equals 20% of the annual oil demand of the country.
https://pubs.spe.org/en/ogf/ogf-article-detail/?art=7123
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