India is working on ways to release crude oil from its strategic storages in tandem with other major economies to dampen prices, a top government official said on Monday.
The US had last week made the unusual request to some of the world’s largest oil-consuming nations, including China, India and Japan, to consider releasing crude stockpiles in coordinated effort to lower global energy prices.
This after members of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies rebuffed repeated requests to speed up their production increases.
“We are working on releasing stocks from our strategic reserves,” the official, who wished not to be named, said.
