- India is not going to join the International Energy Agency (IEA) initiative to release strategic oil reserves as part of an effort to cool oil prices.
- India is the world's third-largest oil-importing and consuming nation, and has 5.33 million tonnes of underground strategic reserves. But they are only 80% filled currently.
- Due to the West Asia conflict the crude prices jumped close to USD 120 per barrel, the highest in four years.
- G7 nations are due to discuss the possible release of oil reserves to calm markets. Read More
India Refuses IEA’s Call to Release Strategic Oil Reserves
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