Global push to cap oil prices: India to release 5 mn barrels from reserves
INDIA IS set to release 5 million barrels of crude oil from its strategic reserves as part of a coordinated move along with the US, China, Japan and South Korea aimed at lowering international prices. The US will release 50 million barrels of crude oil from its reserves as part of the effort.
The move is being seen as a strategic step to rein in spiralling global crude oil prices and to keep them under check. In response, the OPEC+ group of oil exporting countries, which accounts for about 50 per cent of global crude supply, has indicated that it may reconsider plans to restore production over the coming months.
