29 Jun '18, 3am

Why is India hiding Crude Oil in underground caves

Why is India hiding Crude Oil in underground caves

During the Gulf War in 1990, India was hit with a crisis so severe that the country was left with oil reserves adequate for just 3 days. Oil prices shot up alarmingly as a fall out of the war and triggered an inflationary spiral across the world and India could not escape the heat. As the government's coffers bled heavily in buying high-priced crude, India's forex reserves came down to $1.2 billion at the end of April 1991. To put this into perspective, in the week ended June 15, the country's foreign currency assets stood at $410.07 billion. Even though the forex reserves are nowhere close to the dismal state it saw in 1991, volatility in global oil prices and its vagaries may be tracked as recently as to the spike in petrol and diesel prices a few weeks back that sent the government scampering for policy changes. In its bid for long-term solution, India is looking toward...

Full article: http://www.defencenews.in/article.aspx?id=559134

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