'India can and should store oil in huge quantities like US,' says Swamy; opines on Trump

US President Donald Trump on Monday said that he is planning to d as much as 75 million barrels of oil to nation's strategic petroleum reserve as oil prices crashed due to coronavirus pandemic. BJP MP Subramanian Swamy responding to Trump's move said that US President has "outsmarted all his opponents" by doing his daily media conference and "confusing everybody."

'Needs organising- that is all'

Taking to Twitter, BJP leer ded, "Despite being a friend of Saudis, for example, he has impoverished m by pricing oil at declining rate to zero. He has China in a tizzy!".  One user asked Dr Swamy wher India has capacity to store oil in such huge quantities in India to which latter replied, "We can and should. Storing for future is a Hindu habit. Needs organising-that is all." 

Trump also said that his ministration will look into halting oil imports from Saudi Arabia after oil prices in United States plummeted into negative. "We'll look at it," Trump said when asked if US will block Saudi oil shipments into United States after prices went negative earlier in day.

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United States oil prices plunged to negative for first time in history as demand for energy collapsed in backdrop of Coronavirus pandemic. With to store oil scarce, US benchmark West Texas Intermediate for May delivery crashed 300% on Monday and ended tring at -$37.63 a barrel.

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Brent crude, global benchmark for oil, is tring around USD 26 a barrel, having plummeted by as much as 70% since start of January as coronavirus lockdowns have destroyed global demand in crude, according to media reports.

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(With ncy inputs)