Dashing hopes for some oil producers who may have thought negative prices were a weird quirk, the June WTI contract fell sharply on Tuesday.
The analysis shows that oil buyers will get money from the sellers. And Vijay Mallya can use this strategy to pay back his loan. Embattled liquor baron Vijay Mallya, who lost his U.K. High Court appeal against an extradition order to India, has said that he is disappointed with the ruling but will soon pay back the loan as he plans to fill all his aircraft with crude oil.
This way he plans to earn more than the money he has to pay to the banks and he can even restart Kingfisher Airlines. He even plans to buy some new aircraft so that he can store more crude oil. He is in talks with Robert Vadra to get some additional land to park all his aircraft filled with crude oil.
Mallya’s legal team had claimed that the loan defaults by KFA were the result of wider issues faced by the aviation industry at the time.
Mallya may even take the Jet Airways aircraft to use them to store more crude oil.