India to create its first overseas oil stockpile in US

India is moving to store oil in the US, the first time world’s third-largest oil guzzler is creating an emergency reserve abroad to take advantage of low prices and guard against possible supply disruptions. “We have signed an MoU to begin co-operation on strategic petroleum reserves. We are also in an advanced stage of discussion for storing crude oil in US," said oil minister Dharmendra Pradhan.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2WuFXOi