After US, IEA steps in to increase global oil supply

After US, IEA steps in to increase global oil supply

Bid to calm fuel turmoil

India hopes that these initiatives will bring equanimity to global energy markets.

NEW DELHI, Apr 7 (The CONNECT) - India has welcomed the announcement by the International Energy Agency for collective oil stock release of 120 million barrels. India has also taken note of the US Government's decision, late last month, to release 180 million barrels from its Strategic Petroleum Reserves, over the next 6 months, to calm rising global fuel prices, an official statement said.

“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 statement said.

As a major consumer of energy, India has consistently espoused the importance of stable, affordable and accessible global energy markets.

The Government, therefore, hopes that these initiatives will bring equanimity to global energy markets.

Observers feel that these kind of steps are being taken to offset the crisis arising out of the oil shortfall in the wake of the Russian attack on Ukraine. India has been buying oil from Russia at discounted prices and the US is not keen to allow this arrangement for a long time.

Observers point out that India is a major importer of oil and defence equipment which sets a competition between the US and Russia.

Thus, India is in a bargainable position.

Meanwhile, fuel prices continued to surge with petrol cost shooting up to a record Rs 120 plus level in the country.

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