India pledges to release emergency oil reserves to calm surging prices

0 37

India, the world’s third-biggest oil importer, will support initiatives to release emergency reserves to calm prices that surged on concern Russia’s invasion of Ukraine will disrupt global supplies.

The government is looking out for “potential energy supply disruptions” as a fallout of the evolving geopolitical situation, according to a statement from the Press Information Bureau.

For the latest headlines, follow our Google News channel online or via the app.

It will support releases from Strategic Petroleum Reserves to mitigate market volatility and calm price gains, it said.

India has space to hoard about 39 million barrels of oil for strategic purposes, the equivalent of about nine days of demand based on 2019 consumption.

The country meets about 85 percent of its oil requirements through imports. It currently holds about 31 million barrels in the emergency caverns after it sold 8 million barrels to state refiners since last year.

The nation has yet to make good on its promise to release 5 million barrels from reserves in a coordinated move led by the US President Joe Biden rallied other consumers including Japan and South Korea to sell oil from reserves late last year to tame crude and gasoline prices.

“India stands ready to take appropriate action for ensuring ongoing supplies at stable prices,” according to the statement.

Read more:

UK says bulk of Russian forces advancing towards center of Kyiv

Zelenskyy says Ukraine has ‘derailed’ Russia’s plan to capture Kyiv

US says in talks with India on its stance over Ukraine

FOLLOW US ON GOOGLE NEWS

Read original article here

Denial of responsibility! Trusted Bulletin is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – trustedbulletin.com. The content will be deleted within 24 hours.

Leave A Reply

Your email address will not be published.