The world’s third-biggest oil importer, India, is considering using storage facilities in the United States and other commercially viable locations to reduce its supply risks.
“We are also exploring overseas crude storage facilities in the US and other commercially viable locations,” India’s Oil Minister Dharmendra Pradhan said, as quoted by The Economic Times.
India has been looking for years to diversify its crude oil supply beyond its traditional top supplier, the Middle East, which accounts for around 80 percent of India’s oil imports.
India has recently struck deals for long-term oil supply with the United States, Russia, and Angola, in order to diversify its supply sources, Pradhan said at the virtual conference Energy Security Conference 2020.
“Energy diplomacy and its alignment with our foreign policy & robust energy policies in the last 6 years has delivered tangible and substantive results in enhancing India’s energy security. Diversifying our sourcing of hydrocarbons, we are now sourcing crude from over 30 countries,” the minister said. (RT)
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