Corona War: India buys low-cost oil to bring financial stability, will benefit in future

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BanglaHunt Desk: The Corona Virus (COVID-19) started in China but has slowly spread its influence throughout the world. The number of infected and dead is constantly increasing. The whole world is now worried about the virus. However, the most worrisome of the world today is the continuous downward economic situation. In this situation, the Modi government is about to take an important step, which will be a perfect example for the whole world.

The number of coronary cases is increasing even as lockdown status continues to increase in India. Already, the number of Corona victims has risen to over 1,000 and the death toll has increased to 25. In this situation, India continues to work against Corona and strengthen the economic system of the future. That is, India has done many things at once.

Again, the Modi government is now utilizing a company within India to give oil prices down in the international market. India has created a reserve of 1.5 million tonnes of oil for its emergency needs. Located in Karnataka's Mangaluru and Andhra Pradesh's Visakhapatnam, this reserve provides 5-7 days of oil for emergencies. India has increased oil imports from Saudi Arabia to accommodate these reserves.

In the Corona situation the oil requirement has been shown to be less. Some parts of India's Mangalore and Visakhapatnam oil reserves are now empty. Which will be admitted to buy oil from Saudi Arabia, Iraq. Because now the price of crude is falling to $ 1 billion a barrel.

In this situation, Petroleum Minister Dharmendra Pradhan spoke to Saudi Arabia and called for increased imports. So India has made reserves for import and oil so that there is no problem. India has allowed foreign companies to put oil on the condition that India can use the oil for any need.

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