Poket News

India agrees to release 5 million barrels of crude oil from its Strategic Petroleum Reserves

 

  • This release will happen in parallel and in consultation with other major global energy consumers including the USA, China, Japan, and South Korea.
  • The Ministry of Petroleum and Natural Gas said that India strongly believes that the pricing of liquid hydrocarbons should be reasonable, responsible, and be determined by market forces. 
  • India has repeatedly expressed concern about the supply of oil being artificially adjusted below demand levels by oil-producing countries, leading to rising prices and negative attendant consequences.