India ready to tap domestic oil stocks – Markets
NEW DELHI: India is ready to release additional crude from its domestic stockpiles to support the efforts of other major oil importers to mitigate the surge in world prices, the government announced on Saturday.
India is the world’s third largest oil importer and consumer, shipping 85% of its oil requirements. The country has already released at least 3.5 million barrels of the 5 million agreed in November as part of US-led efforts for a coordinated release of stocks by major economies, industry sources said. . “India is committed to supporting strategic petroleum reserve release initiatives to mitigate market volatility and calm rising crude oil prices,” a government statement said.
The country is closely monitoring global energy markets following Russia’s invasion of Ukraine and “stands ready to take appropriate measures to ensure continued supply at stable prices”, he added. .
On Thursday, President Joe Bidden said the United States was working with other countries on a combined release of additional oil from global strategic crude reserves as prices soared after Russia invaded Ukraine. .
Japan and Australia have also agreed to exploit their oil reserves, along with other member countries of the International Energy Agency (IEA), if global supplies are affected by hostilities in Ukraine.