India, US, China To Release Oil Together To Tame Prices: 10 Facts
- In an official statement, the petroleum ministry said that the crude oil release will take place in consultation with these countries, which are also major global energy consumers. India holds about 26.5 million barrels of oil in is reserves.
- The decision has come after the US has urged these nations to release crude oil from their respective reserves in order to bring down global prices of crude oil.
- The United States will release 50 million barrels of crude from its strategic petroleum reserve to help cool oil prices, the White House said on Tuesday.
- The crude oil release is being made in coordination with other releases from strategic reserves by China, India, South Korea, Japan and Britain, senior Biden administration officials said.
- “India strongly believes that the pricing of liquid hydrocarbons should be reasonable, responsible and be determined by market forces. India has repeatedly expressed concern at supply of oil being artificially adjusted below demand levels by oil producing countries, leading to rising prices and negative attendant consequences,” the petroleum ministry said.
- In a bid to control fuel prices' inflationary trends, excise duty on petrol and diesel had been cut by Rs 5 and Rs 10 respectively on November 3, 2021, which became effective from November 4.
- Earlier Reuters had reported on November 22 that Japanese and Indian officials are working on ways to release national reserves of crude oil in tandem with the United States and other major economies to dampen prices.
- US President Joe Biden has asked China, India, Britain, South Korea and Japan for a coordinated oil stocks release as US gasoline prices soar and his approval ratings plummet ahead of next year's mid-term congressional elections.
- The request came after the US government was unable to persuade OPEC+ to pump more oil with major producers arguing the world was not short of crude, Reuters had reported.
- No specific timeline is available as of now as to by when the countries will start releasing crude oil from their respective strategic reserves. South Korea said it had agreed to participate but did not give volumes. Japanese media said Tokyo would announce its plans on Wednesday. Britain had no immediate comment, Reuters said.
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