India is among the world’s top oil consumers that will release oil from strategic reserves to calm prices in an unprecedented, coordinated challenge led by the US to the OPEC+ producers’ cartel that has curbed supplies. The US is set to release 50 million barrels and India 5 million barrels.
Oil prices were little changed at around $80 per barrel after the announcements as traders expect OPEC+ to respond to the buyers’ move.
