New Delhi: There is a massive decline in the prices of crude oil internationally. Hence, India sought the opportunity and filled up the oil refineries at the fullest. Now, India is looking forward to storing crude oil in the US, informed the Petroleum Minister, Dharmendra Pradhan. He told about this proposal to the media, which is in line with the government’s plan.
India imports about 80% of crude oil, which costs billions of dollars. Thus, India replenished the oil refineries after the international crude oil prices dropped. The nation stored up about 20 lakh tonnes worth of crude oil in the pipeline and oil vessels. Now, as the oil has been stored to its full capacity, India is looking forward to storing its oil reserves in the US, said Dharmendra Pradhan. Earlier, the news of Australia planning to store its crude reserves in the US had surfaced. Furthermore, Pradhan clarified that India is also thinking on the same lines, to store its crude reserves in the US.
Meanwhile, there is a decline in the oil import rate by 9%, as the international oil prices escalated. Furthermore, the Petroleum Minister asserted that slowly and steadily, the demand for oil in the country will come to normal.