India could stockpile crude oil in US-based strategic reserves to protect itself from any provide disruptions arising out of geopolitical causes and pure disasters, three folks conscious of the event mentioned.
The US is more and more turning into a key associate in India’s vitality safety. India has been importing oil and fuel from the US since 2017, and discussions are underway to retailer crude oil in American strategic reserves, the folks mentioned on situation of anonymity. In simply two years, the US has grow to be one of many prime 10 sources of crude oil imports for India, they mentioned. India imports over 80% of the crude oil it processes; it imported crude oil price $101.four billion in 2019-20.
“The proposal to store oil in the US is still at an initial stage. It may be discussed at the second ministerial meeting of the India and US Strategic Energy Partnership (SEP) between Indian petroleum minister Dharmendra Pradhan and the US energy secretary Dan Brouillette on Friday,” one individual mentioned. The assembly, which was because of be held in Washington in April this yr will happen on Friday by video conferencing, one other individual mentioned. The SEP was formally introduced throughout Prime Minister Narendra Modi’s go to to the US in June 2017.
The first ministerial assembly was held in New Delhi on April 17, 2018 between minister Pradhan and the then vitality secretary Rick Perry.