Yes India is considering that and it is a very smart move. Historically, when the price of crude goes very low, countries try to take advantage of the same by building their strategic petroleum reserves as a long term energy security policy. India has decided to take advantage of the low oil prices in major producing centres in Saudi Arabia and the UAE to top up its strategic oil reserves. India will buy oil worth Rs.5,000 crore at current price of around $30 a barrel for deliveries starting in April-May. This will fill up 3 petroleum reserve caverns with a capacity of 5.33 million tonnes (MT) of oil created by the ISPRL. Gulf oil producers have decided to increase oil production in complete disregard to market conditions. This has led to a severe drop in prices. The plan is to first get Aramco and ADNOC to fill strategic reserve capacity that they can also use for commercial gains later. If companies are reluctant at this juncture, ISPRL will buy oil on its own after the government provides it with requisite budget. It is estimated that the government would save $600 million if just half of the existing strategic reserve capacity is filled with Gulf oil at the current prices.