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Lockdown puts India in similar position that led to US oil WTI crash

Updated : April 23, 2020 12:45 PM IST

Overflowing storage has forced Indian refiners to sell very prompt cargoes of oil products with some tenders offering loadings in about a week, compared with normal loading range of three-four weeks ahead.
Even private refiners such as Reliance Industries, as per analyst reports, is looking to send product cargoes to leased storage outside India.
India's strategic oil reserve of 5.33 million tonnes or 39 million barrels of oil is almost half full now.
Lockdown puts India in similar position that led to US oil WTI crash

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