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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