NEW DELHI: India on Tuesday joined the US, China, Japan, and South Korea to release crude oil from their respective strategic reserves, the first such coordinated move by major consumers to calm surging fuel rates as the producers' cartel continues squeezing supply to keep prices high.
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 USA, People's Republic of China, Japan, and the Republic of Korea, the oil ministry said.
The US announced on Tuesday that it will release 50 million barrels of crude oil from its strategic reserve.
This release will be taken in parallel with other major energy-consuming nations including China, India, Japan, Republic of Korea and the United Kingdom, the White House said in a statement.
This story is from the November 24, 2021 edition of Hindustan Times Delhi.
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This story is from the November 24, 2021 edition of Hindustan Times Delhi.
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