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

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  • 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.
  • Source : indianexpress.com

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