“India is also committed to supporting initiatives for releases from strategic petroleum reserves, for mitigating market volatility and calming the rise in crude oil prices,” a petroleum ministry statement said without elaborating when or to what extent the reserves will be tapped and if it will prevent pump prices from rising.
The statement came in the wake of US president Joe Biden saying he would do everything in his power to “limit the pain the American people are feeling at the gas pump”.
Biden had in November-end taken an initiative to persuade major users such as India, China, South Korea and Japan for a co-ordinated release of strategic reserves to cool oil prices from $84 a barrel.
The US had then released 50 million barrels and India released 5 million barrels, the first time it tapped into its strategic reserves for market intervention. India has in store 5 million tonnes of oil, which is roughly 39 million barrels, or around 10 days of imports, in rock caverns at three locations.
“With a view to ensuring energy justice for its citizens and for just energy transition towards a net-zero future, India stands ready to take appropriate action for ensuring ongoing supplies at stable prices,” the statement said without elaborating further or referring to fuel prices that have remained unchanged since November 4.
India pledges support for US bid to tap oil reserves - Times of India
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