The US and India have pushed their cooperation to a new level. As a rule, purchasers do not leave expensive goods with the seller for the safekeeping. However, in this case, both sides managed to come to an agreement.
India is one of the world’s largest consumer of energy resources, including oil, and it imports over 80% of these resources. However, the country is not able to store a large amount of energy. It does not have enough capacity and it needs a lot of money to build new storages.
Moreover, given the cost of transportation and other expenses, the Indians prefer to leave the oil on the US territory as it is more profitable. It also gives them an opportunity to sell this oil on the global market. The main reason for the lack of capacity is the recent slump in prices after which India bought a lot of cheap oil.
During the oil price war, India’s wealthiest person became even richer. Thus, Mukesh Ambani's fortune has increased by $1 billion. Such a stroke of luck came after a rise in shares of Reliance Industries, a holding company controlled by Mukesh Ambani. The organization owns businesses across India engaged in energy, petrochemicals, textiles, natural resources etc. Now Mukesh Ambani is ranked eighth among the world’s wealthiest people.
