India pledges help for US bid to faucet oil reserves

NEW DELHI: India on Saturday pledged help to a US bid for co-ordinated launch of strategic oil reserves to chill costs, at the same time as New Delhi mentioned it’s “closely” monitoring the worldwide vitality markets to trace any provide disruptions following the Russia-Ukraine battle.
“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 assertion mentioned with out elaborating when or to what extent the reserves might be tapped and if it’s going to stop pump costs from rising.
The assertion got here within the wake of US president Joe Biden saying he would do every part in his energy to “limit the pain the American people are feeling at the gas pump”.
Biden had in November-end taken an initiative to steer main customers comparable to India, China, South Korea and Japan for a co-ordinated launch of strategic reserves to chill oil costs from $84 a barrel.
The US had then launched 50 million barrels and India launched 5 million barrels, the primary time it tapped into its strategic reserves for market intervention. India has in retailer 5 million tonnes of oil, which is roughly 39 million barrels, or round 10 days of imports, in rock caverns at three areas.
“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 assertion mentioned with out elaborating additional or referring to gasoline costs which have remained unchanged since November 4.

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