India weighs joining IEA emergency oil release plan to calm prices

NEW DELHI: India is considering joining the International Energy Agency’s second initiative this year for a co-ordinated release of 120 million barrels of oil from emergency reserves of member countries to calm global oil prices.
“In the interest of collaborating with like-minded countries on these positive initiatives, Government of India is examining what it can do to support these actions,” the oil ministry said late on Thursday evening after the IEA governing board confirmed the release of 120 million barrels from emergency stocks of member-countries.
India is an IEA associate and not a full member as it does not have the mandated 90 days reserves. That is why many see the ministry’s statement as an outreach towards the West, which has been critical of increased Russian oil purchase by Indian state-run refiners in recent months.