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India ready to tap national oil stocks further to tackle soaring prices – Times of India

NEW DELHI: India is ready to launch further crude from its national stocks in help of efforts by different main oil importers to mitigate surging international prices, the federal government mentioned on Saturday.
India is the world’s third greatest oil importer and client, delivery in 85% of its oil wants. The nation has already launched at the least 3.5 million barrels of 5 million agreed in November as half of US-led efforts for a coordinated launch of stockpiles by main economies, trade sources mentioned.
“India is committed to supporting initiatives for releases from strategic petroleum reserves to mitigate market volatility and calm the rise in crude oil prices,” a authorities assertion mentioned.
The nation is intently monitoring international power markets following Russia’s invasion of Ukraine and “stands ready to take appropriate action for ensuring ongoing supplies at stable prices”, it added.
On Thursday, President Joe Biden mentioned the United States was working with different nations on a mixed launch of further oil from international strategic crude reserves as prices surge following Russia’s invasion of Ukraine.
Japan and Australia have additionally agreed to tap their oil reserves, along with different member nations of the International Energy Agency (IEA), if international provides have been hit by hostilities in Ukraine.

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