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Oil price crash: Why India can't store crude oil

India imports more than 83 per cent of crude oil every year for more than $100 billion. The oil alone accounts for over 20 per cent of the country's whole merchandise imports. India does not possess enough container capacity to store the oil. The country had targeted over 15 million tonnes of strategic oil reserves, but the current storage capacity amounts to 5.33 million tonnes (enough to meet 9.7 days of requirement) only. The ongoing coronavirus lockdown in India has resulted in no economic activity and no demand for oil from industries. Rajeev Dubey, Editor, Business Today, explains India's constraints regarding storage capacity.