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India is in advanced talks to store its crude oil in US strategic petroleum reserves as an insurance against any supply disruption or price spikes, Oil Minister Dharmendra Pradhan said on Friday.
He said the two nations have signed a memorandum of understanding (MoU) to begin co-operation on strategic petroleum reserves.
"We are also in an advanced stage of discussions for storing crude oil US strategic petroleum reserves to increase India's strategic oil stockpile," he told reporters after co-chairing the second India-US Strategic Energy Partnership Ministerial with US Secretary of Energy Dan Brouillette.
The US has 714 million barrels of oil storage capacity
