Reference News:
India will release 5 million barrels of crude oil from its emergency stockpile in tandem with the U.S., China, Japan, and other major economies to cool oil prices.
- This is the first time ever that India, which stores 5.33 million tonne or about 38 million barrels of crude oil in underground caverns at three locations on the east and west coast, is releasing stocks for such purposes.
Background:
- The U.S. had last week made an unusual request to some of the largest oil-consuming nations, including China, India and Japan, to consider releasing crude stocks in a coordinated effort to pare global energy prices.
- This after the Organisation of the Petroleum Exporting Countries (OPEC) and its allies rebuffed repeated requests to speed up production increases.
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