Low oil prices are an opportunity for India to stockpile: Fuel for Thought

S&P GLOBAL PLATTS | Oil storage is about the only thing in demand in the crude market right now.  The coronavirus pandemic has obliterated consumption and forced producers and traders to store more oil on the water as land-based facilities near tank tops.  While India will fill its caverns with crude, the lack of space means it’s also an opportunity lost. The world’s third biggest oil importer is planning to fill up its strategic petroleum reserves in the coming months. India’s combined capacity of 5.33 million mt in three locations in southern Indian – Vishakhapatnam, Mangalore and Padur – is just over half full.

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