India to release 5 million barrels of crude oil from strategic reserves, Auto News, ET Auto
India plans to release around 5 million barrels of crude oil from its emergency stockpile in tandem with the United States, Japan and other major economies to cool prices, a senior government official said on Tuesday.
India stores around 38 million barrels of crude oil in underground caverns at three locations on the east and west coasts.
Of this total, about 5 million barrels will be released, from 7 to 10 days, said the official, who wished to remain anonymous.
The shares will be sold to Mangalore Refinery and Petrochemicals Ltd (MRPL) and Hindustan Petroleum Corp Ltd (HPCL) which are connected by pipeline to the strategic reserves.
“We may consider releasing more reserves later,” the official said, adding that an official announcement was expected later today.
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OPEC and other producers, including Russia, known collectively as OPEC +, have added about 400,000 barrels per day to the market on a monthly basis, but have resisted Biden’s calls for more increases. fast, arguing that the rebound in demand could be fragile.
India plans to release oil from its strategic reserves in coordination with other consumers, three Indian government sources told Reuters on Monday.
