India, the world’s third largest oil importer, said on Thursday it was examining ways to support decisions by the International Energy Agency (IEA) member countries to release crude from their national inventories to calm rising global prices.
“In the interest of collaborating with like-minded countries on these positive initiatives, the Government of India is examining what it can do to support these actions,” the energy-hungry nation’s government said, without elaborating.
The IEA said on Wednesday its member countries had agreed to release 120 million barrels of oil, with the US contributing half, in a bid to cool oil prices after Russia’s invasion of Ukraine.
India joined other major consumers to release 5 million barrels of oil from its strategic petroleum reserves in November to contain inflationary pressures.
Its junior finance minister had said last month the government was “committed to supporting initiatives for releases from strategic petroleum reserves.”
Oil futures fell sharply on Wednesday after large consuming nations said they would release oil from reserves to counter tightening supply, pushing crude futures to their lowest closing levels in three weeks.
Crude continued its fall on Thursday amid uncertainty that the Eurozone will be able to effectively sanction Russian energy exports.
- Reuters, with additional editing by George Russell
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