India says it is exploring ways to support IEA members’ oil release – Times of India

NEW DELHI: India, the world’s third largest oil importer, mentioned on Thursday it was analyzing methods to assist selections by the International Energy Agency (IEA) member nations to launch crude from their nationwide inventories to calm rising world costs.
“Within the curiosity of collaborating with like minded nations on these optimistic initiatives, authorities of India is analyzing what it may possibly do to assist these actions,” the vitality hungry nation mentioned, with out elaborating.
The IEA on Wednesday mentioned its member nations had agreed to launch 120 million barrels of oil, with the USA contributing half, in a bid to chill oil costs after Russia’s invasion of Ukraine.
India joined different main customers to launch 5 million barrels of oil from its strategic petroleum reserves in November to comprise inflationary pressures.
The minister of state for finance had mentioned final month the federal government was “dedicated to supporting initiatives for releases from strategic petroleum reserves.”
Oil futures fell sharply on Wednesday after massive consuming nations mentioned they might launch oil from reserves to counter tightening provide, pushing crude futures to their lowest closing ranges in three weeks.
Crude continued its fall on Thursday amid uncertainty that the Eurozone will have the ability to successfully sanction Russian vitality exports.

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