India To Release 5 Million Barrels Of Oil Fuel From Strategic Reserves - Reports

India to Release 5 Million Barrels of Oil Fuel From Strategic Reserves - Reports

India plans to release about 5 million barrels of oil fuel from its strategic reserves in tandem with the United States to lower global oil prices, media reported on Tuesday

MOSCOW (Pakistan Point News / Sputnik - 23rd November, 2021) India plans to release about 5 million barrels of oil fuel from its strategic reserves in tandem with the United States to lower global oil prices, media reported on Tuesday.

"The decision to release 5 million barrels of crude oil is a collaborated effort of some countries led by the United States to cool off prices of crude oil in international oil markets," the ANI News Agency quoted government sources as saying.

Japan and South Korea are also likely to announce the release of crude oil from the reserves, according to ANI news agency.

The decision has already been made by the Indian government, and the announcement is expected on Tuesday, the agency reported. This is the first time India, storing 38 million barrels of crude oil in underground reserves, plans to release stocks for such purposes.

The Organization of the Petroleum Exporting Countries (OPEC) is not increasing its production levels despite requests from the US, India and Japan. Oil prices have recently gone up, hitting the highest level since 2014, and forcing the oil-importing countries to face problems.