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

India will release five million barrels of crude oil from its strategic reserves in line with other major global energy consumers including US, Japan, South Korea and China, a move aimed at cooling global oil prices. The US is expected to release 50 million barrels of crude oil from its reserves.

This was informed by the Minister of State for Petroleum Rameswar Teli in Rajya Sabha on Monday.

Replying to a question from PV Abdul Wahab, Rajya Sabha member from Kerala, Teli said, “The Government of India agreed to release 5 million barrels of crude oil from its Strategic Petroleum Reserves, in consultation and parallely with other major global energy consumers including USA, People’s Republic of China, Japan and Republic of Korea”.