India to release 5 mn barrels from crude reserves
- November 24, 2021
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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India to release 5 mn barrels from crude reserves
Subject – Economy
Context – To ease fuel prices, India to release 5 mn barrels from crude reserves
Concept –
- India on Tuesday announced release of 5 million barrels of crude oil from its strategic petroleum reserves.
- This means more supply in the market which, in turn, should help cool global crude oil prices.
- 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.
- India is the world’s No 3 oil consumer and importer and has been severely impacted by the relentless rise in international crude prices.
To know about Strategic Oil Reserves, please refer October 2021 DPN.