India stocks cheap oil and stores 32 mi t

Last Monday (4), the minister of oil, Dharmendra Pradhan, said that the refineries of India took advantage of low oil prices and stocked about 32 million tons of the commodity in tanks, pipelines and ships.  

Although the country ranks third among the largest global importers of oil and has an annual refining capacity of about 250 million tons, current travel restrictions and industrial activities to curb the spread of coronavirus have hit fuel consumption and oil processing in the country.

The minister said on his social media that "companies put 7 million tons of oil in floating storage facilities and 25 million tons in pipelines and storage tanks as prices collapsed." "India can meet about 20 percent of its domestic demand by stockpiling oil at low prices," he said.

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