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India Says It Is Exploring Ways To Support IEA Members’ Oil Release


India stated it was analyzing methods to assist choices by the International Energy Agency (IEA) member nations to launch crude from their nationwide inventories to calm rising world costs.


A boy walks past an oil tanker train stationed at a railway station in Ghaziabad
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A boy walks previous an oil tanker practice stationed at a railway station in Ghaziabad

India, the world’s third largest oil importer, stated on Thursday it was analyzing methods to assist choices by the International Energy Agency (IEA) member nations to launch crude from their nationwide inventories to calm rising world costs.

“In the interest of collaborating with like minded countries on these positive initiatives, Government of India is examining what it can do to support these actions,” the vitality hungry nation stated, with out elaborating.

The IEA on Wednesday stated its member nations had agreed to launch 120 million barrels of oil, with the United States contributing half, in a bid to chill oil costs after Russia’s invasion of Ukraine.

India joined different main shoppers to launch 5 million barrels of oil from its strategic petroleum reserves in November to include inflationary pressures. Its junior finance minister had stated final month the federal government was “committed to supporting initiatives for releases from strategic petroleum reserves.”

Oil futures fell sharply on Wednesday after massive consuming nations stated they might launch oil from reserves to counter tightening provide, pushing crude futures to their lowest closing ranges in three weeks.

Crude continued its fall on Thursday amid uncertainty that the Eurozone will be capable of successfully sanction Russian vitality exports.

(Writing by Sudarshan Varadhan; Editing by Chris Reese)

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(This story has not been edited by NDTV employees and is auto-generated from a syndicated feed.)

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