India plans to store oil in the US amid the global pandemic

As part of a new agreement with the US, India discussed the possibility of storing oil in the American emergency stockpile

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The US Government and India have signed a Memorandum of Understanding (MoU), which includes a partnership in strategic petroleum reserves.

This comes after a virtual meeting between the US Secretary of Energy Dan Brouillette, the Indian Minister of Petroleum and Natural Gas and the Minister of Steel Dharmendra Pradhan.

Ministers discussed the possibility of India storing oil in the US Strategic Petroleum Reserve (SPR) to increase their nation’s strategic stockpile.

The US SPR, a supply of petroleum held by the US Department of Energy for emergency fuel, is considered to be the largest emergency supply in the world.

The partners have also launched a hydrogen task force to scale up technologies to produce hydrogen from renewable energy and fossil fuel sources and to bring down the cost of deployment.

The US and India have also agreed to explore possible cooperation on sustainable biofuel production and use for air and sea transport.

Dan Brouillette, US Secretary of Energy, said: “The US and India share a bedrock belief that there is no distinction between ‘good’ and ‘bad’ energy. We are committed to deploying every energy fuel and technology at our disposal.”

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