India to release 5 million barrels of crude oil from strategic reserves

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.