The drastic price drops in both the WTI and Brent benchmarks have presented India with a unique opportunity to stock up on its crude oil reserves. The government has stated an intent to stockpile crude oil to take advantage of the prices, but is the intent backed by enough storage capacity?
The drastic price drops in both the WTI and Brent benchmarks have presented India with a unique opportunity to stock up on its crude oil reserves.
The government has stated an intent to stockpile crude oil to take advantage of the prices, but is the intent backed by enough storage capacity?
The crude oil market had been seeing a slump for a few years now. In the beginning of 2020, following an intensified competition between Saudi Arabia and Russia over market dominance in crude exports, oil prices took a further hit. But no one could predict anything that came remotely close to what oil markets have been subjected to in the last few weeks.