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India to release 5 mn barrels of crude from reserves in bid to cool prices

This coordinated release of crude oil from strategic reserves will be the first of its kind globally

Twesh Mishra New Delhi

Premium

It is expected that MRPL and Hindustan Petroleum Corporation Ltd (HPCL) will receive this fresh batch of crude oil

4 min read Last Updated : Nov 23 2021 | 11:40 PM IST

India will release 5 million barrels of crude oil from its strategic petroleum reserves in a concerted effort to bring down global crude oil prices. This is roughly equivalent to a day’s consumption in the country.

Sector watchers say while the quantity is not big, it is a symbolic gesture that has wider implications for the global energy markets.

“India has agreed to release 5 million barrels of crude oil from its Strategic Petroleum Reserves. This release will happen in parallel and in consultation with other major global energy consumers including the US, People’s Republic of China, Japan and the Republic of Korea,” the oil ministry said in a statement on Monday.