India has joined the USA, China, Japan and the Republic of Korea and others, in releasing crude oil from their respective strategic resources to counter the OPEC+ group’s decision to extend the production cuts, even as oil prices remain firm. Putting pressure on large oil producers, New Delhi had earlier cut shipments from Saudi Arabia by a quarter.
“India has agreed to release 5 million barrels (about 0.7 million tonne) of crude oil from its strategic petroleum reserves,” the government said in statement on Tuesday. This is the first time ever that India, which stores 5.33 million tonne (mt) or about 38 million barrels of crude oil in underground caverns at three locations on the east and west coast, is releasing stocks with an objective to counterbalance the producers’ stand.
