India is among the world's top oil consumers that will release oil from strategic reserves to calm prices in an unprecedented, coordinated challenge led by the US to the OPEC+ producers' cartel that has curbed supplies. The US is set to release 50 million barrels and India 5 million barrels.
Oil prices were little changed at around $80 per barrel after the announcements as traders expect OPEC+ to respond to the buyers' move.
The oil will be released "in parallel and in consultation with" the US, China, Japan and South Korea, the oil ministry said in a statement, without specifying a timeframe. The US administration said Britain will also be part of the coordinated release.
Read more at: https://economictimes.indiatimes.com/industry/energy/oil-gas/india-to-release-5-million-barrels-of-crude-oil-from-strategic-reserves/articleshow/87866289.cms
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