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India to release 5 million barrels of crude oil from strategic reserves

India plans to release 5 million barrels of crude oil from its emergency stockpile in tandem with the US, Japan and other major economies to cool prices, a top government official said on Tuesday

Topics
crude oil reserves

Press Trust of India  |  New Delhi 

crude oil, petroleum
Photo: Bloomberg

India plans to release about 5 million barrels of crude oil from its emergency stockpile in tandem with the US, Japan and other major economies to cool prices, a top government official said on Tuesday.

India stores about 38 million barrels of crude oil in underground caverns at three locations on the east and west coast.

Of this, about 5 million barrels will be released, starting as early as 7-10 days, the official, who wished not to be named said.

The stocks will be sold to Mangalore Refinery and Petrochemicals Ltd (MRPL) and Hindustan Petroleum Corp Ltd (HPCL) which are connected by pipeline to the strategic reserves.

"We may look at releasing more reserves later," the official said adding a formal announcement was expected later in the day.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Tue, November 23 2021. 14:02 IST
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