India looking to store cheap oil in America

India is looking at storing some low priced US oil in facilities there as its domestic storage is full, oil minister Dharmendra Pradhan told CNBC TV18 news channel.

India’s plan could be similar to a move by Australia, which last month said it would build up an emergency oil stockpile initially by buying crude to store in the US Strategic Petroleum Reserve to take advantage of low oil prices. “We are exploring some possibility if we can store some of our investment in a different country ... we are exploring the possibility in the US if we can store some of the low-priced oil,” Pradhan said.