By: Dr. Franyi Sarmiento, Ph.D., Inspenet, April 8, 2022.
The government led by Narendra Modi declared on Thursday that it welcomes the International Energy Agency (IEA) announcement of a collective release of oil reserves of 120 million barrels.
The government added that it has also “taken note of the decision of the United States government, at the end of last month, to release 180 million barrels of its Strategic Petroleum Reserves, during the next 6 months, to calm the increase in prices.” world fuel prices.
In an official statement, the government also said that it is examining what it can do to support positive initiatives with this type of collaboration. “In the interest of collaborating with like-minded countries on these positive initiatives, the Indian government is looking at what it can do to support these actions,” the government said.
“As a major energy consumer, India has consistently championed the importance of stable, affordable and accessible global energy markets. The Government of India therefore hopes that these initiatives will bring equanimity to the global energy markets,” he added.
On Wednesday, IEA states agreed to draw 60 million barrels of oil from storage, the group’s director said. This would come on top of a 180 million barrel release announced by Washington last week aimed at cooling prices after Russia’s invasion of Ukraine.
“The @IEA is moving forward with a collective oil stock release of 120 million barrels (including 60 million barrels contributed by the US as part of its overall withdrawal from its Strategic Petroleum Reserve),” the executive director tweeted. of the IEA, Fatih Birol.
This move by US-allied IEA countries, representing 31 mostly industrialized countries but not Russia, would be their second coordinated launch in a month and would be the fifth in the agency’s history to face disruption. in the oil market.
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