iea: India says it is exploring ways to support IEA members’ oil release

India, the world’s third-largest oil importer, on Thursday said it is examining ways of supporting International Energy Agency (IEA) member countries’ decision to release crude from their national reserves to calm rising global prices. Used to be.

The energy-hungry nation said without elaborating, “In the interest of collaborating with like-minded countries on these positive initiatives, the Indian government is examining what it can do to support these actions.” ”

The IEA said on Wednesday that its member states have agreed to release 120 million barrels of oil to cushion oil prices after Russia’s invasion of Ukraine, to which the United States contributes half.

India joined other major consumers in November to release 5 million barrels of oil from its strategic petroleum reserves to contain inflationary pressures. Its junior finance minister said last month that the government was “committed to supporting initiatives for releases from strategic petroleum reserves.”

Oil futures fell sharply on Wednesday, large consuming countries said they would release oil from reserves to reduce supply, pushing crude to their lowest level in three weeks.

Crude continued to fall on Thursday amid uncertainty over whether the eurozone will be able to effectively approve Russian energy exports.

Originally published at Pen 18