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India intends to store crude oil in the US


July, 20 2020
watermark Economic news

Indian authorities have announced that the country plans to store part of its crude oil reserves in the United States.


The government notes that India needs new strategic oil reserves of its own, but building them could take several years and huge financial resources.


The way out of the situation was the opportunity to rent American strategic storage facilities, moreover, that this would not entail large expenses. The oil that will be stored in the United States can be used by New Delhi both for its own needs and for sale on the world market. However, if oil prices fall during storage, India will suffer losses.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.