In a Coordinated Effort, India, US, China to Release Crude Oil To Tame Prices
India plans to release 5 million barrels of crude oil from its emergency stockpile.
A natural underground rock cavern at Vishakhapatnam. Image used for representation only.
(Image Credit: Indian Strategic Petroleum Reserves Ltd)
In a concerted bid to tame prices, the world's largest oil consumers – China, Japan, the US, South Korea, the UK, and India – jointly plan to release certain quantities of crude oil, Bloomberg reported.
SO HOW MUCH CRUDE OIL IS INDIA RELEASING?
News agency PTI reported that India plans to release 5 million barrels of crude oil from its emergency stockpile. The country reportedly stores 38 million barrels of crude oil in underground chambers at three places in the west and the east coast.
Of the 38 million barrels of crude, 5 million will be released in as early as 7 to 10 days, a senior government official told PTI on Tuesday, 23 November.
MORE DETAILS
The released stocks are set to be sold to Hindustan Petroleum Corp Ltd (HPCL) and Mangalore Refinery and Petrochemicals Ltd (MRPL). Both the companies are connected to the strategic reserves via pipelines.
The official added that they would "look at releasing more reserves later".
The US meanwhile will release 50 million barrels of crude oil from its strategic reserves, Bloomberg reported.
(With inputs from PTI, and Bloomberg)
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