India is the world's third-biggest oil importer and is reliant on foreign nations to meet 85 percent of its oil needs.
This has led to a crash in oil prices, with crude in the US market even slipping into negative territory, he said.
India is, however, using this crash to its advantage by stocking oil for use at later date.
“Taking advantage of low global oil prices, we decided to fill up our strategic reserves,” he said.
The purchases from Saudi Arabia, the UAE, and Iraq helped fill up the 5.33 million tonnes underground strategic reserves that India had built as insurance against supply and price disruptions.
Besides, 7 million tonnes of low priced oil has been stored on floating ships, he said.
“Similarly, 25 million tonnes of oil has been kept at inland depots and tanks, refinery pipelines and product tanks,” he said. “The oil stored is equivalent to 20 percent of India's demand.”
IMPORTANT LEVELS FOR CRUDE FOR 05/05/2020
RESISTANCE 1 – 1563
RESISTANCE 2 – 1608
RESISTANCE 3 – 1652
SUPPORT 1 – 1518
SUPPORT 2 – 1477
SUPPORT 3 – 1432
ProCapitas Market-Pro Team