India will release 5 million barrels of crude oil from its strategic petroleum reserves in a concerted effort to bring down global crude oil prices. This is roughly equivalent to a day’s consumption in the country.
Sector watchers say while the quantity is not big, it is a symbolic gesture that has wider implications for the global energy markets.
“India has agreed to release 5 million barrels of crude oil from its Strategic Petroleum Reserves. This release will happen in parallel and in consultation with other major global energy consumers including the US, People’s Republic of China, Japan and the Republic of Korea,” the oil ministry said in a statement on Monday.
