India to release 5 million bbls oil from strategic reserves in coordination with other buyers

Nidhi Verma
Updated ·1 min read
6
Oil tankers are seen parked at a yard outside a fuel depot on the outskirts of Kolkata
  • Oops!
    Something went wrong.
    Please try again later.

By Nidhi Verma

NEW DELHI (Reuters) -India will release 5 million barrels of oil from its strategic reserves in coordination with other buyers including the United States, China, Japan and South Korea, a government statement said on Tuesday.

The move is part of efforts led by U.S. President Joe Biden's for a coordinated release of stockpiles, seen as a warning to the OPEC+ https://www.reuters.com/markets/commodities/bidens-overture-asian-oil-consumers-serves-warning-opec-2021-11-18 to pump more oil to tackle rising inflation in major economies like the United States, China and others.

The release of 5 million barrels will happen in parallel and in consultation with other major global energy consumers including the United States, China, Japan and Korea, the government said, without specifying the timeframe for the release.

India, the world's third-biggest oil importer and consumer, has been raising concerns over rising oil prices and wants OPEC and its allies led by Russia, known as OPEC+ to quicken the pace of increasing output https://www.reuters.com/world/india/indias-oil-minister-says-volatility-could-hurt-energy-transition-2021-11-15.

"India has repeatedly expressed concern at supply of oil being artificially adjusted below demand levels by oil producing countries, leading to rising prices and negative attendant consequences," the government statement said.

(Reporting by Nidhi Verma; Editing by Giles Elgood and Louise Heavens)